Olá, Rio! Apple Opens First Store in Brazil
Apple (NASDAQ:AAPL) opened its first store in Brazil on Saturday as the iPhone maker continues to expand its presence in key emerging markets. Brazil is the fifteenth country to get an Apple Store, and its store is also the first official Apple retail store in Latin America. CEO Tim Cook celebrated the grand opening of the Rio de Janeiro Apple Store with a tweet and a picture that can be seen above. “’Obrigado’ to everyone who visited our new store in Rio de Janeiro today and to our terrific customers across Brazil!” tweeted Cook.
According to Brazil’s Globo newspaper, via the Los Angeles Times, there were approximately 1,700 customers who turned up for the grand opening on Saturday. As usual, Apple provided free t-shirts for many of the store’s first customers.
Although an official retail store will likely help boost Apple’s overall sales in Latin America, the California-based company must still overcome the unique challenges presented by Brazil’s market. Like many other emerging markets, Brazil’s smartphone market is dominated by low- and mid-range devices. According to Gartner data cited by the Los Angeles Times, Apple only had a 9.1 percent share of Brazil’s smartphone market in 2012, in contrast to Samsung’s (SSNLF.PK) 42.4 percent share and LG’s 13.3 percent share.
Despite its relatively small share of the market, Apple has sustained rapid growth in Latin America. As noted by Cook during the company’s fiscal first quarter earnings call, “in Latin America we grew at 76% year over year.”