Apple's first European retail store will open on London's Regent Street later this year, in time for Christmas, the Times reports today.

According to the report, Apple will pay around £1.5 million a year to rent the prestigious 20,000sq ft location, currently being redeveloped by its owner, the Crown Estate (prop. HM the Queen).

The store is believed to be located at 229-247 Regent Street, locating it near Oxford Circus and Liberty's, Dickens & Jones, Nike and FCUK stores. The site has been under re-development for a few years now. Work commenced not long after El Reg vacated its Mayfair office just round the corner in Maddox Street.

Over the last few years, Apple has built up a network of over 70 retail sites in the US, with major stores in New York, Chicago, Los Angeles and San Francisco. The only AppleStore is has outside North America is situated in Tokyo. ®