Apple to open third India store in Bengaluru’s Phoenix Mall, to pay whopping Rs 2.09 cr annual rent

Apple is reportedly set to open its third retail store in India. This comes after the company reportedly signed a lease agreement to open a store in Bengaluru’s upcoming Phoenix Mall of Asia. The company already has two retail stores in India- Mumbai BKC and Saket in Delhi and now it seems the company is expanding its retail channel in India amid the record sales. 

According to a report by Business Standard, Apple has reportedly secured a retail space on the first floor of the Phoenix mall in Hebbal. The size of the Bengaluru store is reported to be comparable to Apple’s Delhi store at Select Citywalk Mall but is smaller than the over 20,800 sq ft store in Mumbai’s Jio World Drive.

The report further mentioned that the lease agreements include an annual agreement of Rs 2.09 crore, which converts to Rs 17.4 lakh per month. The company will also pay a revenue share of 2% for the first three years and 2.5% thereafter. The revenue based component is capped at double the annual base rent. The report has also stated that the company has made Rs 1.046 crore deposit. As per the lease terms, the rent will go up by 15% every three years. 

Also read: Apple may launch dedicated gaming app in 2025: Here’s all you need to know

This comes shortly after Apple earnings call wherein Tim Cook confirmed that new stores are under pipeline in India and are expected to open this year. As per the reports, the cities including Pune will get the Apple Stores. Additionally, the company is also considering new locations in Delhi NCR and Mumbai. 

The new Apple store will open at the 13-acre Phoenix Mall of Asia, which has 1.2 million square feet of retail space. The mall operator has committed to not leasing adjacent space to Apple’s rivals within an exclusivity zone as part of the lease agreement.

Follow Us