Apple bringing a new retail store to India
Apple will reportedly build its third retail store in India, where it already operates two stores and iPhone manufacturing plants.
Business Standard saw documents indicating Apple has leased 8,000 square feet of retail space in the Phoenix Mall of Asia in Bengaluru, the largest shopping mall in Asia by square footage spanning one million square feet across four floors.
In comparison, this is approximately the same square footage as Apple’s Saket location in New Delhi. The other Apple store in the country, located in BKC, Mumbai, is more than double the size of the upcoming Bengaluru location.
Apple is bringing a new retail store to India
Apple reportedly leased space from units F-39 to F-42, on the first floor of the mall. The Cuopertino tech giant will be paying the landlord an annual rent of 2.09 crore ($244,000) for this space, plus two percent of the store’s revenue for the first three years. Documents state that the rent will go up by fifteen percent every year, while the revenue share percentage will jump to 2.5 percent after the first three years, but shall not exceed twice the value of the main rent itself.
The lease agreement also defines a blacklist of companies that the mall’s ownership will not lease out any space to, a form of exclusivity not uncommon in Apple’s contracts and lease agreement for retail space.
Apple currently operates two retail stores in India, Apple Saket in New Delhi and Apple BKC in Mumbai. It also operates a localized online store in India. And recently, the iPhone maker launched its official Apple Store shopping app in India.
India’s importance to Apple
Apple previously said it would open four new retail stores in Bengaluru, Pune, Delhi and Mumbai by 2025. “In retail, in addition to the two stores we opened during the quarter, we’re also looking forward to a new retail store in the United Arab Emirates, the arrival of the online store in Saudi Arabia, and new retail stores in India starting later this year,” Apple’s boss Tim Cook said in the latest quarterly earnings call with analysts earlier this month.
With a population exceeding 1.4 billion people, India is both a major market for Apple’s products and an increasingly important manufacturing hub as Apple continues to reduce its reliance on Chinese contract manufacturers.
Bloomberg reported that Apple wants to double iPhone production in India to 80 million units, with the goal of selling 60 million India-made iPhones in the United States by 2026 to avoid Trump’s 25 percent tariff on smartphones not manufactured domestically.
“For the June quarter, we do expect the majority of iPhones sold in the U.S. will have India as their country of origin, and Vietnam to be the country of origin for almost all iPad, Mac, Apple Watch and AirPods products also sold in the United States,” Cook said on the earnings call. “China would continue to be the country of origin for the vast majority of total product sales outside the United States.”
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