Since Apple only operates stores in vibrant and highly desirable retail districts, most old locations remain vacant only as long as it takes for a new tenant to remodel the space. This keeps old product displays and furniture out of the hands of employees looking to flip them on eBay for a quick profit. Fixtures inside the store are destroyed and discarded or sent away, never to be seen again. Occasionally, a small sign will inform customers that the store has moved, offering directions to the new location. Windows and logos are covered, often times by the next day when the new store opens. Products are cleared from the tables, and all identifying branding is removed that would associate Apple with a vacant storefront. CNN Sans ™ & © 2016 Cable News Network.Immediately, dismantling begins. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account In recent months, it has notably expanded production in the country after suffering supply chain snags in mainland China, which accounts for the bulk of its smartphone manufacturing.Īpple increased its Indian exports significantly last year, with the number of iPhones made and shipped from the country rising 65% compared to the previous year, according to Counterpoint. Mumbai, for example, typically contributes to 10% of overall iPhone sales in India, Singh said.Īpple first began making iPhones in India in 2017 and has been steadily ramping up its manufacturing there. Prachir Singh, a Counterpoint Research senior analyst, also said the locations of the new stores were critical, with Delhi and Mumbai each making up the top two Indian markets for Apple, respectively. The premium category for smartphones, where Apple sits, “is still driven by brick-and-mortar stores where consumers can touch feel the device,” he told CNN. Sanyam Chaurasia, a Canalys mobility analyst, said the stores would allow Apple to bring all its products “under one roof” and guide more consumers toward purchases. India holds promise for businesses because of its vast population, rising middle class and growth potential from consumers who are expected to make the switch from basic cell phones to smartphones, according to Counterpoint Research Associate Director Hanish Bhatia.Īpple is set to open its first retail store in Mumbai as it bets big on IndiaĪpple had previously planned to open its first physical store in the country in 2021, though that was derailed by the Covid-19 pandemic. For comparison, an iPhone 14 starts at 79,900 rupees ($973.6), while an iPhone SE, a lower-cost model, starts at 49,900 rupees ($608.2).Īpple’s position is expected to grow, however, as it continues to build out its retail presence there and more customers turn to high-end smartphones. In India, the average salary for regular full-time workers is 18,585 rupees ($226.5) per month, according to the most recent government statistics. Apple products are considered too expensive by many consumers in the country. It is dwarfed by the country’s top five vendors, which are led by Samsung and Chinese smartphone makers Xiaomi and Vivo. (SSNLF), but its 6% share of the Indian market remains small. The company bills the store as one of its “most energy-efficient” in the world, saying solar panels allow it to run solely on renewable power.Īpple did not respond to a request for further comment, or details of Cook’s visit.Īpple is the world’s second biggest smartphone maker, behind Samsung (AAPL) shared a peek of its new Mumbai store, located at a property owned by Reliance Industries, the conglomerate of Indian tycoon Mukesh Ambani.
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