Apple Inc. (NASDAQ:AAPL) is enjoying its success in Mexico. The Cupertino-based tech giant is reportedly planning to build a second brick-and-mortar retail store in the country.
To meet the growing demand in Mexico, Apple will build a new multi-level flagship in Mexico City’s upscale Polanco district, Apple Insider reported, citing a person familiar with the company’s plans.
According to the person who wanted to remain unidentified, Apple has inked the lease to the second location in Ciudad de Mexico (CDMX).
The interior design of the new store is expected to be similar to that of Apple’s World Trade Center store in New York City, the person said.
“A timeline for completion is not currently known, but the existing Mexico City store has experienced unusually high consumer sales and enterprise services revenues,” the publication reported citing the unnamed person.
Apple Expanding Latin America Presence
Apple Inc. (NASDAQ:AAPL) opened its first retail store in Mexico in September last year.
In addition to its stores in Mexico, Apple also operates two brick-and-mortar outlets in Brazil. Rumors suggest that the company is planning to open additional outlets in the country.
Meanwhile, the tech giant is looking to open stores in Argentina. According to the reports, the iPhone maker might open its first Argentinian store in Buenos Aires in 2018.
Apple has nearly 500 retail stores across 19 countries. In addition to Latin America, the company is also looking to open retail stores in India. Apple’s retail expansion into Latin America and Asia is being fueled by the need to generate revenue hurt by the company’s poor performance in China. The company has been facing problem in China, which is the company’s second-largest market after the United States.
Shares of Apple Inc. (NASDAQ:AAPL) have been performing well so far this year. The stock is up nearly 24% year-to-date. During the last 12 months, AAPL has surged nearly 32%.