Apple is widely expected to launch more stores-within-stores in partnership with both Wal-Mart and Target, but one analyst argues that Wal-Mart will ultimately be the more important partner for Apple's sales going forward.
In a research note, Piper Jaffray's Gene Munster explains that Wal-Mart has 3,800 stores nationwide while Target has just 1,700 stores.
More importantly, Munster says Wal-Mart has more of a presence in rural areas than Target, which would help Apple broaden its reach to U.S. consumers.
"While Target stores will help expand distribution points, we believe from a geographic standpoint that there is significant overlap in markets with both Target, Best Buy, and Apple retail locations," Munster writes.
At the moment, Apple only has one store-within-a-store in Wal-Mart and two in Target, though Munster notes Apple is expected to add 23 more Target locations this year.
