Oh no, Apple is closing 20 retail stores temporarily? Tim Cook confirmed the news today while speaking at the Goldman Sachs Technology and Internet Conference.

But before you panic, the Apple CEO said it is for a really good reason:

So this is huge, in fact so huge that some of our stores aren’t big enough. But like cash, it’s a good problem to have. So this year we’re closing 20 stores and moving them to larger spaces.

Cook also said Apple is planning on opening 30 new stores this year, with a large number outside the United States.

In the last quarter, which saw Apple notch a record amount of iPhone and iPad sales along with $54.5 billion in revenue, more than 120 million people visited around 400 stores across the globe.

Along with calling the stores “the face of Apple for almost all of our customers,” Cook said the company will continue to be bullish and invest on the retail side. He also specifically said the iPad’s runaway success is due partly to the retail stores:

I don’t think we would have been nearly as successful with iPad if it weren’t for our stores. This was something new that people didn’t know anything about, but the stores gave people the chance to come in and experience it.

If you’ve been anywhere near an Apple Store in the last year, this is definitely great news. At least here in the Dallas area, I don’t think any local stores are “big enough.” While I was pleased to be able to quickly snag two iPad minis at my nearest store, the crowds during the holiday season easily looked similar to New Year’s Eve in Times Square.

Via: MacRumors