Market News

Google Opens First Physical Store in New York City

Alphabet’s Goole (GOOGL) plans to open its first physical retail store on June 17. In addition to showcasing a range of Google products from Pixel smartphones to Fitbit wearables, the store will also offer repair services to customers.

The store is located in New York City’s Chelsea area. It is intended to be a place where people can come for hands-on interaction with Google products and technologies. For example, customers will be able to experience how Google Translate works. There will be a space where if you speak a word, you get real-time translations of it in 24 languages. (See Alphabet stock chart on TipRanks)

“We wanted our first store to reflect the same approach we take to designing our products: making sure they’re always helpful to people,” Google wrote in a blog post.

Google has made sustainability a core tenet of how it does business and its first retail outlet shows it. From materials to building processes and lighting fixtures, Google made careful consideration and selection for sustainability. 

As a result, the store has achieved a LEED Platinum rating, which Google says is the highest certification possible within the Leadership in Energy and Environmental Design green building rating system. Globally, fewer than 215 retail stores have attained the LEED Platinum certification.

Tigress Financial analyst Ivan Feinseth recently reiterated a Buy rating on Alphabet stock and assigned it a price target of $3,185. The analyst’s price target implies 31.86% upside potential. 

“GOOGL’s strong balance sheet and cash flow enable the ongoing funding of key growth initiatives, strategic acquisitions, and further enhancing shareholder returns through ongoing share repurchases,” noted Feinseth.  

Consensus among analysts is a Strong Buy based on 28 Buys and 2 Holds. The Alphabet average analyst price target of $2,785.97 implies 15.34% upside potential to current levels.

GOOGL scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

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