Apple plans to open new stores in Greece

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Apple products are some of the best-selling for the Quest group, whose total revenues exceeded 1 billion euros on an annual basis last year and continue to grow at double-digit rates in 2023 as well.

At the peak of interest are the popular iPhone mobile phones. The Quest Group, led by Theodoros Fessa, continues to bet on this dynamic and directs a significant part of its new investments to expand the network of exclusive retail stores of iStorm (Apple Premium Reseller Store).

According to New Money, the plan at this stage envisages the creation of at least 3 or 4 new such stores in Greece over time until by end of 2025. This of course means that, if the appropriate cases are identified, they may be opened earlier, even one or two of them this year.

Today iStorm counts 10 stores in Greece and another 4 in Cyprus, where it is believed that the needs of local consumers are covered, a total of 14.

iStorm, apple

In short, the management is looking forward to their further expansion to a number of 17-18 stores or even more, within two years.

At this time, a search is in full swing for commercial points and premises with the appropriate specifications, which will meet a series of criteria set by Apple itself (eg location, rents, square meters, storefront size).

This is the first axis of activity of the Quest group in terms of sales of Apple items at retail level.

The second concerns wholesale through iSquare, distributor of iPhones and other technological products produced by the American giant in Greece and Cyprus.

This particular company maintains cooperation with all the major electronics retail chains of the Greek market, with the most recent example being the creation of a new Apple Shop on Saturday at the Kotsovolos store in The Mall Athens.

In the first quarter of this year, the Commercial Activity recorded a record growth of 22.5% compared to other areas for the Quest Group, with pre-tax profits up 3.8% year-on-year and spearheading the Apple brand.

The two subsidiary companies for the sale of Apple products in wholesale and retail, note the strongest growth rates (+31.6% for iSquare and +39.4% for iStorm from 2022), which are estimated not to be stopped.

iSquare alone had a turnover of 107.6 million in the first quarter of this year. When the consolidated turnover of the Quest group reached 286 million euros for the period ending March 31, 2023, it is easy to see how much the sales of the Apple ecosystem contributed to this.

In the smartphone category, Samsung's market share in Greece is said to have reached 40% in 2022 in pieces, with Xiaomi at 30% and Apple at 15%-16%, but with the fastest rise (+5%) from manufacturers side.

In terms of sales value, Apple's share rises to 35%, Xiaomi's to 18% and Samsung's to 39% (December '22).

Apple subsidiary

About two years ago, the American multinational established a subsidiary in Greece, Apple LTD, to strengthen the brand, always within the framework of the commercial cooperation with iSquare.

A collaboration which is governed by a common philosophy, is considered particularly efficient and is met with satisfaction from both sides.

In markets the size of Greece, Apple chooses this way of operating, with pricing and logistics through distribution.

The aim of the creation of its Greek office is, according to New Money, is so that Apple can maintain a better image for the market and closer contact with its customers.

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