Apple Inc. (NASDAQ:AAPL) just announced it is set to open its twelfth retail store in China. The company officially announced the upcoming store on its official Chinese website.
Details behind Apple’s upcoming store
The Apple store in Wuxi Center 66 will officially open on August 2nd which is exactly one week after the company unveils the Chongqing store. The Wuxi location is predicted to be simple mall store complete with a Genius Bar, One on One, Joint Venture training, and workshops. The store hours will be from 10:00 am to 10:00 pm seven days a week.
The growth in China’s market is key for Apple. In fact, the upcoming outlets in China are part of the plan to triple the company’s retail in East Asia plays an important role for company growth. Apple has a lot of interest in China thanks to the fast growth in technology. Earlier this week during a conference call, Apple claimed the company experienced an increase in revenues by 26% year over year.
The iPhone, in particular, is outperforming the overall Chinese mobile market by double. Shares for Mac computers grew 39% from last year. This all comes right after the first quarters of 2014, the same time Apple noticed China was its fastest growing market with a 21% revenue increase.
Samsung’s success in China slows down
Where Apple is succeeding, Samsung is faltering. When the Cupertino-based tech giant posted positive quarterly sales, its rival warned this quarter might decline by 25% thanks to an build-up of cheap phones and less demand for 3G devices. Apple has made a name for itself as a premium brand. Samsung never really pegged itself as a high-end or low-end brand as it sells products in nearly every price range. And that could be the one thing that is hurting Samsung the most in China right now.