[News Article] Apple Store to open near 'Samsung Town' in Gangnam
Apple Store to open near
'Samsung Town' in Gangnam
By Jie Ye-eun, The Korea Herald - US
tech behemoth Apple said Tuesday it will open its fifth retail store in South
Korea later this month, expanding its presence in the country, home to its archrival
Samsung Electronics.
Named Apple Gangnam, the store
will open near the Shinnonhyeon Subway Station in southern Seoul on March 31.
The location is less than a kilometer away from three skyscrapers owned by
Samsung Group.
The three buildings are home to
Samsung’s financial units after Samsung Electronics relocated to an office
building in central Seoul in 2016. In spite of the move, the neighboring area
is still affectionately called “Samsung Town.”
“Apple Gangnam will be the
fifth Apple retail location in South Korea and another place for our brilliant
retail teams to connect with even more customers and provide an endless source
of inspiration for imagination and creativity,” Apple said in a statement.
To celebrate the opening of
Apple Gangnam, Apple unveiled a new storefront barricade design with its new
tagline, “Inspiration, always on the move.”
Since the first two openings of
the Apple Store in May 2001 in Virginia and California, Apple has expanded the
number of retail locations and its geographical coverage over the years, with
more than 500 stores in 25 countries around the world.
Apple opened its first Korean
store in Seoul's Garosugil in Gangnam in January 2018, followed by the second
one in Yeouido in February 2021, and two more in Myeongdong and Jamsil in April
and September 2022.
Industry sources say Apple is
expected to seek a further increase in the number of its stores in Korea, with
Seoul’s Hongdae being cited as the sixth location. The number of Apple Stores
in Korea stands at half the number in Japan, where there are five Apple Stores
in Tokyo alone.
Apple has struggled to elevate
its market share in Korea where almost 80 percent of smartphones are Samsung
phones. Sources said Apple is seeking to secure a firmer footing by expanding
its offline presence. As part of its efforts, Apple Pay, its mobile payment
service, is also expected to make its Korean debut as early as next week.
“Apple had been neglecting the
Korean market, but it started making concerted efforts in recent years by
gradually opening more retail stores here,” an industry official said on
condition of anonymity. “It’s an exceptional circumstance for Apple, however,
and the move is interpreted as a way to beef up its presence on the home turf
of its archrival (Samsung).”
According to the market tracker
Counterpoint Research, Samsung smartphones made up 84 percent of all smartphone
sales in Korea as of the third quarter of 2022, while Apple accounted for 13
percent.
Source: www.koreaherald.com/view.php?ud=20230314000566
2023.03.17
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