Apple is all set to launch its third retail store in India. After launching its sleek retail stores in Mumbai and Delhi, the tech giant is opening its third store at Phoenix Mall of Asia in North Bengaluru.
The company has leased about 8,000 square feet of space in the mall and will be paying around ₹2.09 crore every year for the next 10 years. The rent kicks in from August 2025, although the lease officially started in November 2024. The space is owned by Sparkle One Mall Developers, as per Propstack.
Apple has also paid a security deposit of over Rs 1 crore. The deal includes a rent hike every three years and a revenue-sharing clause too, where Apple will share up to 2.5 percent of the store's earnings, depending on performance.
This new store comes at a time when Apple’s manufacturing partner, Foxconn, is getting ready to launch its iPhone production facility in Devanahalli, Bengaluru. With the new plant around the corner, real estate in that part of the city is already heating up. Developers are even promoting new projects by saying they’re just a few minutes away from Foxconn.
Back in 2023, Apple made headlines for leasing space in Mumbai’s Bandra Kurla Complex at one of the highest commercial rents in the country about Rs 48 lakh per month. It’s clear that Apple is betting big on India.
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