India is finally all set to get its first Apple Inc retail store in the dream city Mumbai. The company has got hold of a final list of locations for its retail store. The iPhone-maker has reportedly focused upon several upscale sites in the economic hub of the country. The move came in the wake of the decision by the tech giant to establish a strong presence in the world's fastest-growing smartphone market.
The Cupertino-based company is planning to take a final decision in the next few weeks. As per a report in Bloomberg, the spots are quite attractive and is even comparable to the iconic Fifth Avenue location in New York, the Regent Street store in London and the Champs-Elysees in Paris. Apple has been forbidden from coming up with its own retail stores in the country because it does not reach the local sourcing requirements. However, it is now shifting its manufacturing units to India and is in talking terms with the government regarding its retail expansion.
Apple, with its highly priced products has been through a lot to establish itself in India, where customers are rather opting for cheaper Android based smartphones ( the likes of Xiaomi and Vivo). Manufacturing units in India will also help the organization do away with 20 percent tariffs on imported phones.
"India is a very important market in the long term. It's a challenging market in the short term, but we're learning a lot. We plan on going in there with sort of all of our might," said Tim Cook after the company's earnings report last week.Also, research firm Canalys estimated that Apple's shipments to India fell by more than 75 percent in the first quarter of the year 2019. It now has only about 1 percent of the country's smartphone market.
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