Apple is set to open its third store in Singapore, even as the retail and tourism sectors continue to be buffeted by the Covid-19 pandemic. In a statement yesterday, the tech giant confirmed that its third store will open at Marina Bay Sands (MBS) 'soon'. It did not specify...
Apple's Jewel store opened in July last year. The store at Knightsbridge mall in Orchard Road opened in 2017.
On a visit here last December, Apple chief executive officer Tim Cook said Singapore"could use a third store" as the Orchard Road one was"pretty full".Retail sales plunged by more than 50 per cent in May from a year earlier, while only 2,200 tourists came to Singapore in June compared with nearly 1.6 million for the same period last year.
Dr Seshan Ramaswami, associate professor of marketing education at the Singapore Management University, noted that it is"unusual" to see major store openings during crises like the ongoing pandemic."But good locations in premium malls like MBS that attract a very exclusive clientele are not always available, and companies with deep pockets, such as Apple, use the crisis to negotiate a good rental.
Apple is the most valuable company in the world and became the first American firm to be valued at US$2 trillion earlier this month. It shrugged off the effects of the pandemic to post record sales and an 11 per cent year-on-year increase in third-quarter revenue to US$59.7 billion last month.
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