New Shanghai store represents Apple's push for traction in China
J.P. Morgan on Monday issued a note to investors, in which analyst Mark Moskowitz said Apple's growing retail presence in Asia will drive sales of Macs, iPhones and iPads.
"Over time, we expect multiple Apple retail stores in China and elsewhere internationally, and this increasing retail footprint should sustain the synergistic effects of multiple Apple stores in a region," Moskowitz wrote.
Earlier this year, Apple revealed that it intends to open 25 new stores in China. The company has also said it is more focused on building the Apple brand in China than achieving strong sales right off the bat.
Moskowitz sees positives from Apple's approach, as he believes there is a greater potential revenue from China as more retail stores open in the next few years. He sees the retail expansion as a positive, "as Apple has not had much traction in China to date."
In fact, he sees Apple's retail presence growing elsewhere in the world, with similar results. Moskowitz sees Apple increasing its stores not only in China, but also in Western Europe, Japan and Australia.
The opening of the flagship store in Shanghai over the weekend was a major event, with hundreds of customers waiting outside for the doors to open. The entrance to the underground store is a massive cylindrical glass structure that encases the stairs that lead below.
Over the weekend, AppleInsider reader David Mallin of Cloudchaser Films was at the Shanghai store opening, and sent in photos he snapped from the event.