Apple to Open Stores at Target: Report

Citing a source familiar with Apple’s plans, the Apple Insider Web site reports that the tech giant plans to operate Apple-branded areas within 25 Target stores by the end of this year. The strategy, it said, would extend Apple’s reach into smaller metropolitan areas that can’t support a standalone Apple store. Apple already has a similar arrangement with retail giant Best Buy(BBY). In-store locations would tighten Apple’s links with retail giant Target, which already sells Apple products such as the iPod, iPad and iPhone 4S. Revenue from Apple’s own retail stores was $3.6 billion in its recent fiscal fourth-quarter results, an increase of 1% on the prior year’s quarter. Last year, amid much fanfare, Apple threw open the doors of its vast store at New York’s historic Grand Central Station and now has more than 357 stores around the world. Shares of Apple were up $2.01, or 0.48%, to $420.04 on Friday. Target’s stock was up 57 cents, or 1.18%, to $49.08. — Written by James Rogers in New York >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: tips@thestreet.com.>To order reprints of this article, click here: Reprints

Apple to Open Stores at Target: Report


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