Rs 42 lakh rent, ‘no entry’ for rivals & more: Know all about Apple's first retail store in India
By Team Newsable | First Published Apr 10, 2023, 4:35 PM ISTAmbani-owned mall in Mumbai has an 11-year deal with Apple for a space of around 20,800 square feet. The rent of the store will increase by 15% every three years and the company will pay a minimum monthly payment of Rs 42 lakh along with a 2% revenue.
At the brand's first retail location, which will shortly open at Mumbai's Reliance Jio World Drive mall, Apple iPhone, AirPods, iPads, and other Apple products will be offered in India. Long-awaited Apple's first official shop opening has allegedly rented a "exclusive zone" in the Ambani-owned mall to make the most of the opportunity. According to media reports, Apple's leasing deal forbids 22 other companies, including Amazon, Facebook, Google, LG, Microsoft, Sony, and others, from renting space or running any kind of advertising inside the mall's exclusivity zone.
According to the report, CRE Matrix, an information analytics business, got information on the exclusive leasing arrangement. The lease prohibits the licensor from granting any licenses, sublicenses, leases, subleases, or other arrangements to Apple competitors.
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Apple has signed an 11-year lease with Ambani's Mumbai mall for an area of around 20,800 square feet. The store's rent will rise by 15% every three years, and the corporation will make a minimum monthly payment of Rs 42 lakh as well as a 2% revenue sharing contribution for the first three years. After the first three years, the revenue share contribution will increase to 2.5%.
Apple has unveiled a brick-and-mortar shop wall in India at Mumbai's Jio World Drive Mall, formally commemorating the forthcoming inauguration of Apple BKC. The Apple BKC creative, inspired by the legendary 'Kaali Peeli' cab art exclusive to Mumbai, contains bright versions of the decals blended with several Apple goods and services.
The store's advertising displays a cheery welcome to passers-by with the famous Apple greeting, "Hello Mumbai."
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