Apple to pay Rs 40 lakh per month rent for Delhi store which is smaller than Mumbai's?
Apple has opened two swanky stores in Delhi and Mumbai. It will pay Rs 40 lakh a month as rent for its Delhi store. The report further mentions that Apple is paying roughly 42 lakh rupees for a retail space that is 20,000 square feet in Mumbai.
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FollowApple's iPhone, AirPods, iPads, and other Apple products received an official online shop in India a few years ago, and the Cupertino-based tech company is now preparing to open its first physical storefronts in the nation. Tim Cook will open Apple's first retail store on 18 April at the Ambani-owned Reliance Jio World Drive mall in Mumbai. On April 20, the public will be able to visit Apple's second retail shop in India, which will be located in the Select Citywalk mall in Saket.
Although the business has not publicly divulged many specifics about the store, reports say Apple is receiving a unique 'Ambani discount' for its retail store in Mumbai. Apple has rented 8,417.83 square feet of space on the first floor of Delhi's Select Citywalk mall for about Rs 40 lakh per month, plus a revenue sharing contribution. The store that has been leased by Apple for 10 years was previously occupied by Aditya Birla Group’s fashion brand Pantaloons.
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The rent and income sharing contribution will be increased every three years, according to the agreement. It is worth noting that Apple has struck a nearly identical agreement with an Ambani-owned mall, however the company is paying comparatively lesser price for a much bigger retail store in Mumbai. Reliance Jio World Drive mall in Mumbai has an 11-year deal with Apple for a space of around 20,800 square feet.
Aside from that, Apple will have a 'special zone' in the Ambani-owned mall. According to sources, Apple's leasing deal prohibits 22 other firms, including Amazon, Facebook, Google, LG, Microsoft, Sony, and others, from holding space or showing advertisements within the mall's exclusivity zone. "These new retail locations represent a significant expansion in India, offering great new ways for customers to browse, discover, and buy Apple products with exceptional service and experiences," the firm said in a statement.
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