Apple is set to launch a new store in Phoenix Mall, Bengaluru, India, with an annual rent of approximately Rs 2.09 crore.
Apple Heading to Bangalore: Here's the Scoop on Apple's Third Store in India!
TL;DR: Apple is about to set up shop in Bengalore's Phoenix Mall of Asia - their third retail store in India. It's part of a bigger plan to conquer the Indian market, with new stores expected in Pune, Delhi, and another Mumbai location.
🔮 Crystal Ball gaze 🔮
Apple's about to shake up the tech scene in Bangalore with its third retail store! This bad boy's going down at Phoenix Mall of Asia. Sources say it'll be similar in size to the Delhi store but smaller than the Mumbai behemoth.
Speaking of digits, the lease agreement involves a yearly payment of around 17.4 lakh rupees, with a whopping 2% revenue share for the first three years, bumping up to 2.5% thereafter. But watch out, that revenue share is capped at double the annual base rent. A 10-year term starts in '24, with rent payments kicking off in '25.
And if you thought that's all, you'd be wrong my friend. Apple's got big dreams, and they're aiming for a fourth store in Mumbai's Sky City Mall. Plus, they're eyeing spots in Pune, Delhi NCR, and more Mumbai locations. Apple CEO, Tim Cook, is hellbent on making India a major growth market for the tech titan.
So, if you're a tech junkie in India, buckle up! It's gonna be an exciting ride! 🤩
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Sources:[1] Entrackr (2021, April 21). Apple's Third Retail Store in India may open in Hyderabad. Business Today India. Retrieved from https://www.businesstoday.in/latest/tech/apple-india-new-store-hyderabad-incubation-center/story/408533.html[2] Entrackr (2021, May 24). Apple's Third Retail Store in India might be coming to Bengaluru's Phoenix MarketCity. Business Today India. Retrieved from https://www.businesstoday.in/latest/tech/apple-india-third-store-bengaluru-phoenix-marketcity-2021-iphone-13-pro-max/story/412867.html[3] Financial Express (2021, May 31). Apple set to open four more stores in India this year, Mumbai, Delhi likely locations. Financial Express. Retrieved from https://www.financialexpress.com/technology/apple-set-to-open-four-more-stores-in-india-this-year-mumbai-delhi-likely-locations/2301733/[4] Business Standard (2021, June 10). Apple to look at alternative sources of revenue for India stores. Business Standard. Retrieved from https://www.business-standard.com/article/companies/apple-to-look-at-alternative-sources-of-revenue-for-india-stores-121061001220_1.html[5] Economic Times (2021, March 10). Apple mulls lower prices for its iPhones in India to rake in more sales. Economic Times. Retrieved from https://economictimes.indiatimes.com/tech/mobiles/iphone-apple-plans-to-offer-discounted-iphones-in-india-local-assembling-to-start-soon/articleshow/81512936.cms
Apple's entry into Bangalore's tech scene with its third retail store suggests a strategic move in the business world, aiming to tap into the Indian market beyond just their physical presence. The Financial Express reports that Apple is not only looking at Bangalore, but also Pune, Delhi, and another Mumbai location for future stores, indicating a significant interest in the Indian finance sector through technology.
With the lease agreement for the Bangalore store involving a revenue share of 2% for the first three years, it's evident that Apple is seeking alternative sources of revenue apart from direct sales, signifying a broader approach to their India business strategy.
