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Apple is set to open its fourth store in India, and second in Mumbai, at the Oberoi Realty Sky City Mall in Borivali. This move comes as iPhone demand surges in India, a key manufacturing and distribution partner for Apple.
Mumbai: iPhone maker Apple has initiated the process of opening its fourth store in India. Located in Borivali, Mumbai, this will be Apple's fourth store in the country and the second in the city. Apple has leased 12,616 square feet of space in the Oberoi Realty Sky City Mall. The increasing demand for iPhones in India and Apple's recognition of the country as a crucial manufacturing and distribution partner are driving factors behind this new store.
The new Apple store will be situated on the ground floor of Oberoi Realty's Sky City Mall in Mumbai. Apple has secured a lease for 12,616 square feet with a deposit exceeding one crore rupees. According to Business Today, the lease agreement between Incline Realty Private Limited and Apple is for 130 months (approximately 11 years), starting May 8, 2025. The agreement includes a 10-month rent-free period. Initially, Apple will pay a monthly rent of 17.35 lakh rupees for the 12,616 square feet space. The rent will increase by 15% every three years. As part of the lease, Apple will also receive 150 square meters of storage space and five reserved parking slots.
The lease agreement between Apple and Realty Private Limited stipulates revenue sharing. Apple will share 2% of the store's revenue with the mall for the first 42 months. After this period, the share will increase to 2.5%.
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This will be Apple's second store in Mumbai, with the first located at the Bandra Kurla Complex, which opened in April 2023. Another Apple store operates in Select Citywalk Mall in Saket, Delhi. In Bengaluru's Phoenix Mall, Apple has secured 7,998 square feet of space for 10 years at a monthly rent of 17.44 lakh rupees and a deposit of 1.05 crore rupees. The growing demand for iPhones in India is prompting Apple to open new stores. In 2024, Apple became one of the top five smartphone brands in India for the first time, capturing a 10% market share in the fourth quarter of 2024.
