Apple Inc. announced on Saturday that it would soon open its 31st outlet in Qingdao, China. The retail outlet will be located in China’s biggest shopping complex, MixC luxury shopping mall, according to the reports. The new store is expected to open between 10AM to 10 PM local time on weekdays and weekends.
China has always been a lucrative market for the tech giant and in recent years, Apple has aggressively expanded its franchise operation in the world’s largest smartphone market under the leadership of Angela Ahrendts, senior VP of retail and online stores at Apple.
Previously, the tech giant has also effectively carried out its operations in the leading Chinese cities and provinces, which includes Chengdu, Beijing, Nanning, Shenyang, and Xiamen. As of now, there are five stores operating in Beijing.
Apple is one of the leading foreign smartphone manufacturers operating in China, and generates billions of dollars in revenues from the country. In the last quarter, Apple’s sales in China, including Hong Kong and Taiwan surged 99% to $12.5 billion year-over-year (YoY), while iPhone sales in the region rose 120% YoY. Amid increasing demand, the tech giant also aims to open more than 40 stores in China in the next few years. China is the company’s fastest growing market in recent years, and it plans to take full advantage of the potential growth opportunities in it.
In addition, the smartphone manufacturer is making continuous efforts to increase its market share in the world’s second largest economy. On the other hand, growing trend of online shopping has significantly increased demand for the mobile users in the mainland territory.
Based on month-over-month results, the number of Chinese mobile consumers has increased tremendously in the past one year. This number is mainly attributed to the boom in the movie industry, resulting in the increasing online ticket booking. Similarly, the boom in the e-commerce industry also raised the number of smartphone users in recent years. According to a report, as traffic issues in the country prevails, an increasing portion of population is using their smartphones to book movie tickets or for online shopping.
China is considered to be the second largest revenue-generating country for Apple after the US. The company’s sales have grown to $12.5 billion from $5.7 billion last year. If the growth continues at such an increasing rate, it is expected that China will surpass the US and becomes the company’s largest market by 2017.
According to a claim made by 9to5Mac’s analyst Mark Gurman, the California-based company plans to come up with a new iPhone in March 2016. The new device will be called the “iPhone 5se.” In addition, Mr. Gurman also indicated that iPhone’s latest version will also contain an upgraded 8 megapixel rear camera, a curved glass design, and Live Photos feature. Given the previous track record, the product will likely become a success in China.