Apple Opens First Store In Central China, Sees More Growth Ahead
Apple Inc. (NASDAQ: AAPL) has opened its first store in central China, bringing the mainland total to 13.
“The new store, which opened Saturday in a shopping mall in downtown Zhengzhou, the provincial capital, marked an important step on the layout of Apple's retail chains in China, as the city is also home to Foxconn, an Apple production facility and Apple's main supplier,” according to Want China Times.
The report added that “Apple CEO Tim Cook said during a trip to China in October that ‘it's just a matter of time’ before China ‘becomes Apple's biggest revenue contributor’. Cook also said Apple would increase its number of Apple stores in China, ranging from 15 to 40 in the next few years.”
"China remains a 'relatively' untapped growth area for Apple," analyst Serge Berger told Benzinga. "Thus the opening of a store in central China will be a good litmus test for its real demand there. Into earnings on January 27th watch key near-term support around the $105 area."
Apple closed Monday at $109.25, down 2.46 percent.
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