Apple Inc. (NASDAQ:AAPL) is currently working on setting up is first Apple store in Korea and has already secured the land on which the store will be located.
The company’s efforts mean South Korea will boast its very first Apple Store. Anonymous sources revealed that Apple’s regional office in Korea has taken up three long-term lease contracts for land. The company is interested in lands located in Sinsa-dong, Garosu Road and Gangnam District in Seoul. Apple signed the contract on February 29 but the duration of the contract is from March 1, 2016, and it is expected to expire on February 29, 2036.
A report on the matter stated that Apple will most likely set up a three-story store in the selected Korean location. Apple has been analyzing different locations since 2015 to find the one that would be most suitable. The firm, however, did not reveal the location that was selected for construction.
Apple currently sells iPhones in Korea through a partnered distributor. One the store is up and running, the company will sell iPhones in the country on its own. The launch of the Apple Store in Korea will also bring significant benefits to the locals because they will access products in a timely manner after launch. The company has already launched Apple Stores in several countries, including Japan and China.
The launch of the new store in the country is also significant for Apple because South Korea is home to Samsung Electronics, Apple’s biggest handset rival. The iPhone 7 which is the latest handset from Apple was facing fierce competition from the Samsung Galaxy Note 7 which was recalled not long after launch because of a battery issue. Since then, Apple’s new iPhone 7 has been recording impressive sales numbers with the iPhone 7.
Apple Stock closed the recent trading session at $113.55 down by $0.02 or 0.02% compared to the value of the stock in the previous close. The trading volume of the stock was 3 million shares.