Cybermart
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Hon Hai to expand retail chain, open 500 Apple licensed stores in Asia
A report out of Digitimes suggests that Cybermart, a retail arm of Hon Hai which also owns Foxconn, has recently received approval as an Apple-licensed retailer in the Asia-pacific region. The retailer intends to sell Apple products in up to 500 new stores planned for China, Hong Kong and Taiwan. Cybermart will open seven to eight stores in 2011, starting with its first store in Tianjin, China which will open on April 1, 2011. These retail stores will complement the 20 stores Apple is planning to open in China during 2011. While the Apple Stores will form the hub of company's Chinese operations, Cybermart's retail chain and household name will help Apple expand its presence in the growing Asian market. The retailer is known for its selection of electronics and aims to become China's top electronics chain. Apple is wisely eyeing the Asian market for explosive growth in 2011. In Apple's last quarter, Asian revenue is up 147% and could bring Apple up to $2 billion annually. The iPhone is also gaining in popularity with a 12% market share in Japan and over 20% post-paid share in South Korea.
