BEIJING -- Apple Inc gears up to unveil its eighth store in Shanghai this month, augmenting its expansive network, second only to the United States against the backdrop of decelerating iPhone sales in the Chinese market, the Bloomberg reported on Monday.

Set to launch on March 21, the store, named Apple Jingan, will be among a total of 47 outlets scattered throughout the nation with a population of 1.4 billion.

As the newest addition to Apple's retail domain, Apple Jingan is situated in the heart of the city, which already boasts the highest concentration of Apple stores across the Chinese mainland, the report said.

The iPhone, originating from Cupertino, California-based Apple, has experienced a decline in sales in China following the release of its latest model in September. Despite this, the nation continues to be a crucial market, boasting the world's largest base of smartphone consumers and offering significant potential for increased sales of ecosystem accessories, according to the report.