Apple Inc. (NASDAQ:AAPL) announced last week that it would hold an event on Oct. 22, just as others had said earlier this month. Of course most are expecting that the company will reveal a new iPad and iPad Mini at tomorrow’s event, and now articles from The Wall Street Journal and Bloomberg reaffirm this expectation.

Apple ipad 5

Apple expected to unveil iPad Mini with Retina display

One of the products investors, analysts and consumers have been clamoring for is an iPad Mini with Retina display, and according to the article, Apple Inc. (NASDAQ:AAPL) is expected to finally deliver. Many believe that the company will be able to turn around its slumping tablet share by offering a high resolution of the smaller tablet.

The Wall Street Journal cites sources from within Apple’s supply chain who say that iPad Mini with Retina display will be unveiled. Bloomberg simply cites “people with knowledge of the plans.”

Can Apple grab more tablet market share?

The iPad Mini with Retina display is expected to be accompanied with a new full-size iPad 5. The two new tablets come at an important time for Apple Inc. (NASDAQ:AAPL). The company’s financial statements show that tablets are now its second largest revenue source. For the nine months ending Jun 30, they brought in almost $26 billion.

However, the company sold fewer iPads during this year’s June quarter than it did in last year’s June quarter, and that’s the first time this has happened since the first iPad debuted in 2010.

Apple struggles with tablet rivals

Low-cost tablet rivals have taken a chunk out of Apple’s tablet business. In fact, Gartner projects that Apple will see its share of the market drop below 50 percent, compared to 65 percent two years ago. In addition to competition from other tablets, the iPad Mini is also feeling pressure from bigger smartphones known as phablets, like Samsung’s Galaxy Note models.

Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) has been pressuring Apple Inc. (NASDAQ:AAPL) in market share because it offers a variety of sizes and types of tablets, including five different screen sizes under the popular Galaxy Tab brand name., Inc. (NASDAQ:AMZN) is pressuring the company’s high price tag, selling its Kindle Fire for $229 and $379 for a 7-inch and 8.9-inch model respectively.

What to expect in Apple’s unveiling today

Of course Apple Inc. (NASDAQ:AAPL)’s future products are the worst-kept secrets in the technology world. We’ve seen plenty of leaked photos suggesting that the iPad 5 will still have a 9.7-inch Retina display but take cues for its slimmer design from the iPad Mini. It is also expected to have the new A7 64-bit processor and possibly even the fingerprint sensor that was included on the iPhone 5S.

The biggest expected change in the iPad Mini is the already-mentioned Retina display. Some speculate that it will also have a 64-bit processor as well as the fingerprint sensor.