'Apple Yeouido' Opens on B1 of IFC Mall
Logo and QR Code Symbolizing Yeouido Branch Unveiled
Opening Likely Within the Year... Strategy to Expand Domestic Market Share
[Asia Economy Reporter Han Jinju] The second Apple Store in South Korea is set to open in Yeouido. Apple is expanding its market presence in Korea following the launch of the iPhone 12.
On the 30th, Apple posted an announcement on its website titled "See you soon at Apple Yeouido." The store is located at B1, IFC Mall, 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul.
From that day, Apple removed the tarp that had been covering the upcoming IFC Mall store. It was replaced with a backdrop featuring the logo symbolizing Apple Store Yeouido and a QR code directing visitors to the store page. The logo representing Apple Store Yeouido is designed to resemble the tall skyscrapers of Yeouido, one of Seoul's major business districts.
Through its official website, Apple stated, "The second Apple Store in South Korea will soon arrive in the vibrant heart of Seoul," adding, "Apple Yeouido will be a space for everyone to nurture ideas and creativity."
The exact opening date for Apple Store Yeouido has not been announced, but it is expected to open within the year. Apple has been preparing for the store opening at IFC Mall since this summer. When Frisbee, a reseller store located in IFC Mall, withdrew in August, speculation arose that the opening of Apple Store Yeouido was imminent.
Apple's expansion of its stores in South Korea is interpreted as an effort to increase its domestic market share. Before opening a store, Apple headquarters prepares operational plans over several years, considering factors such as city size and business strategy.
In particular, Apple is reportedly paying close attention to the fact that South Korea was the first to launch 5G services and has well-established 5G infrastructure. While South Korea has traditionally been classified as a secondary release market for iPhones, the iPhone 12 was released only a week later than in the US, Japan, and China, marking an accelerated launch schedule compared to usual.
It has been 2 years and 10 months since Apple last opened a store in Korea on January 28, 2018. Ahead of the store opening, Apple is recruiting staff such as Apple Store leaders, specialists, and business pros to work at the Apple Store. An Apple Store is also under construction in the Centerpoint building in Myeongdong and is expected to open after completion in August next year.
It was revealed that Apple sold more than 600,000 units, including carrier and unlocked models, within a month after launching the iPhone 12 in Korea at the end of October. Industry estimates suggest that sales have increased by more than 30% compared to the previous model. Especially, the Apple brand is highly favored among young consumers, and carriers are expanding iPhone 12 marketing targeting the younger demographic, so domestic market share is expected to rise significantly in the fourth quarter.
Recently, negative public opinion has spread as controversies have arisen alleging that Apple has discriminated against Korean consumers. Apple's year-end promotion benefits, which explicitly allowed refunds until January, were not applied in Korea. Additionally, after updating the OS on older MacBook devices, some customers who visited Apple Stores were refused repairs, leading to criticism of the Apple Store's response.
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