Apple Shuts Down First Store in China
(MENAFN) For the first time since launching operations in China over 15 years ago, Apple has revealed plans to permanently shut down one of its outlets in the country.
The decision coincides with declining revenue in its second-largest consumer market, intensifying rivalry from domestic competitors, and escalating trade friction between Beijing and Washington.
The American technology giant disclosed on Monday that it intends to close its Parkland Mall location in the Zhongshan District of Dalian, a city in northeastern China, on August 9.
“We have made the decision to close our store there,” Apple stated, according to numerous news sources.
As of last year, Apple operated 57 retail stores in China, accounting for more than a tenth of its worldwide storefronts.
Nonetheless, the company has been contending with increasing difficulties, including a downward trend in Chinese sales for six consecutive quarters.
Its annual revenue dropped to $66 billion last year, marking an almost 10% decline from its 2022 high point.
Chinese smartphone makers such as Huawei, Xiaomi, and Vivo have gradually eroded Apple's position in the world's largest mobile phone market, according to a news agency.
Data from market analytics firm Canalys indicates that Apple ranked fifth in China during the spring season, holding a 15% market share – a fall from nearly 18% in the previous year.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
