In a note to clients — as reported by “MacNN” ( — Needham & Company analyst Charlie Wolf says Apple Store revenues haven’t kept pace with the growth in Apple’s overall business, but that’s because there are an increasing number of places to buy Apple products.

Over the past 10 years, Apple retail stores have grown sales at an average annual rate of 18% and Mac sales have managed an average of 12.2% annual growth,. Also, the retail stores continue to show strong growth despite the stagnant economy.

Wolf says same-store sales grew 5.4% in the fiscal fourth quarter, which was up from 3.2% in the June quarter. Non-Mac same-store revenues increased to 13.1% in the same period, up from 10.8% in June.