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Apple Inc. is closing its retail store at North County Mall, marking another setback for the struggling San Diego County shopping center.
The Escondido location will permanently shut its doors on Saturday, June 20, as part of a broader decision that will see Apple exit three mall stores nationwide on the same day.
The company said deteriorating mall conditions and the departure of other retailers contributed to the closures.
Over the past 12 months, Apple has permanently closed three US stores:
- California: Apple North County at the Shops at North County in Escondido
- Connecticut: Apple Trumbull at Trumbull Mall
- Maryland: Apple Towson Town Center in Towson, one of Apple’s few unionized stores
Employees at the California and Connecticut locations will not be laid off.
Apple said staffers will transition to nearby stores.
However, the Towson, Maryland closure affects roughly 78 to 90 employees, who could face job losses depending on internal placement outcomes.
The closures come despite Apple’s formidable financial position.
According to its latest quarterly filing, the company reported approximately $146.6 billion in total cash and marketable securities.
Shares of AAPL have surged 54.06% over the past year, sharply outperforming the S&P 500, which gained roughly 27.98% over the same period.
The restructuring also unfolds during a leadership transition.
Tim Cook is set to step down as CEO on Sept. 1, moving into the role of Executive Chairman.
He will be succeeded by John Ternus, Apple’s Senior Vice President of Hardware Engineering and a 25-year company veteran.
Even as Apple remains financially dominant, its pullback from select mall locations signals shifting retail priorities, and deepening challenges for traditional shopping centers.
English (US)