Apple Inc. (AAPL.US) is set to open a new retail store in early next month in Bangalore, India's southern tech hub, further expanding its commitment to this crucial growth market. Apple announced Thursday that the store, located in the upscale Phoenix Mall of Asia in Bangalore, will officially welcome customers on September 2nd.

Apple currently operates two stores in India: a flagship location in Mumbai, the country's financial center, and another store in a mall in South Delhi. In 2023, CEO Tim Cook personally attended the opening ceremonies for both locations.

According to market research firm Counterpoint, India has over 700 million smartphone users, with Apple iPhone users accounting for only 5% of this market. While India's contribution to Apple's revenue remains significantly lower than that of the United States and China, Cook has indicated that this world's most populous nation holds enormous growth potential.

For the fiscal year ending March 2024, Apple's revenue in India grew by more than 30% to reach $8 billion, with the vast majority stemming from iPhone sales.

Apple has been working for years to attract more Indian consumers. In India, products like the iPhone, iPad, and MacBook serve as symbols of high-end luxury, remaining unaffordable for many consumers. To address this, Apple has launched various initiatives, including partnerships with banks to offer zero-interest installment purchase plans, student discounts, and complimentary engraving services for select products.

Apple is also continuously expanding its iPhone production capacity in India. Against the backdrop of strict lockdown measures during the COVID-19 pandemic and international trade tensions, Apple is gradually reducing its dependence on Chinese supply chains. Currently, India handles more than one-fifth of global iPhone production capacity, and ahead of the next-generation model launch, Apple has already completed production of all four models in the iPhone 17 series in this South Asian nation.