Apple (AAPL) has started surveying India for possible locations to place its first few stores in the country which will cover between 10,000 and 15,000 square feet, according to the Economic Times.
The tech titan hopes to place the brick and mortar stores in prime locations, either in a mall or on a high street, and they could resemble its flagship store on New York City's Fifth Avenue.
It is widely expected that Apple will open its first store soon as it meets the local production pre-requisites and attains government approval but that could take until 2020 or 2021.
"Apple wants to initially set up two stores, one in New Delhi and second one in Mumbai," a senior industry executive said. "They want the stores to be truly iconic right from the design to the location. However, getting desired space will take time since 10,000-15,000 square feet of prime location is not readily available."
Shares of Apple were lower during Tuesday morning trading.
What's Hot On TheStreet
Watch out, Apple: Louis Vuitton Tuesday unveiled its first smartwatch coined the Tambour Horizon in a bid to cut into Apple Inc's hold on the wearables market, TheStreet reports.
The watch was made in conjunction with Alphabet's (GOOGL) Google and Qualcomm Technology (QCOM) and starts at a lofty $2,450. It works with both Apple and Android devices, and is the first Android Wear smartwatch that functions in China.
Yes, it's Amazon Prime Day: Although many probably have Amazon (AMZN) Prime Day fatigue right now, that doesn't mean they won't be spending aggressively on big digital deals. Amazon stands to ring up more than $2 billion in sales worldwide during the 30-hour sale known as Prime Day, Internet Retailer predicts. The gain would mark about a 21% increase from a year ago. U.S. sales alone are pegged at $1.56 billion, up 20% from last year, TheStreet reports.
Bitcoin has crashed: Traders that have rode the wave higher in Bitcoin via cryptocurrency plays such as Advanced Micro Devices (AMD) and Nvidia (NVDA) may want to reconsider their bullishness. Bitcoin prices entered into bear market territory Tuesday, TheStreet reports, as an embarrassing legal case kicked off in Japan and experts continue to squabble over key changes to the cryptocurrency's infrastructure.
Bye-bye regulations: President Trump late Monday nominated former Treasury official Randal Quarles as the Federal Reserve's top bank supervisor. As TheStreet's Ron Orol reports, the nomination could lead the way to a dismantling of many Obama Administration bank regulations and is one that is expected to send a positive signal for now to big and regional bank stocks. Orol points out that the appointment could boost bank stocks such as Bank of America (BAC) , Wells Fargo (WFC) , Citigroup (C) and Goldman Sachs (GS) in the near-term.
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