Tim Cook Unveils Apple's New Shanghai Store Amidst Declining iPhone Sales in China

Tim Cook, CEO of Apple (AAPL), inaugurated Apple's latest store in Shanghai to a sizable crowd on Thursday, with reports indicating that some individuals waited overnight in queues, as seen on Chinese social media platforms.

Cook's arrival in Shanghai was announced on his personal Weibo account on Wednesday. Local media sources also highlighted his meetings with key Chinese suppliers, including Wang Chuanfu, founder and president of BYD, whose electronics division provides components to Apple.

In the face of declining iPhone sales in China and intensifying competition from domestic competitors like Huawei (HWT.UL), Apple is striving to maintain its foothold in the market. Consultancy estimates suggest that Apple's iPhone sales in China saw a significant 24% year-on-year decline in the first six weeks of the current year.

Cook's itinerary includes plans to travel to Beijing to participate in the China Development Forum, an event that brings together foreign CEOs and influential Chinese policymakers.

Situated opposite Shanghai's historic Jing'an Temple, the new store marks Apple's 57th establishment in China and its eighth in the city's financial hub. Notably, it stands as the company's second-largest flagship store worldwide, following its Fifth Avenue outlet in New York City.