Apple’s new stores in Delhi and Mumbai have racked up an incredible number in sales.
Record monthly sales
Both have grossed monthly sales of more than Rs 22-25 crore each.
The figure is said to be around twice the sales of an electronics store in the country during the non-Diwali period.
So what does it mean?
This makes the Apple Store the largest electronics retailer in the country in terms of revenue.
The Mumbai BKC store opened on April 18, and in New Delhi two days after that the second store was inaugurated by CEO of Apple, Tim Cook.
Apple BKC reported a first-day billing of more than Rs 10 crore, around Rs 2-3 crore more than some of the largest local electronics stores can do in a month.
This is huge since even during the festive season’s prime, large electronic stores in India can do Rs 3-5 crore in sales at their best.
Mumbai BKC Store
Despite their huge prices this signifies the popularity and demand for Apple devices.
Coming to revenue generation per square foot, the store in Saket, New Delhi exceeds BKC, Mumbai.
Apple Saket is over 10,000 square feet, large as it is, but it is less than half compared to the store in BKC, Mumbai, which measures 22,000 square feet.
Then again the Mumbai store is double the store in Delhi, but the two stores generated similar revenues.
Both stores similar records
However the monthly rent is not much different. The monthly rent for the store in BKC, Mumbai, is Rs 42 lakh, while the rent for the store in Saket, Delhi, is Rs 40 lakh.
Industry insiders say that the two Apple stores could set new sales records because the average selling price (ASP) of Apple products is much higher.
This leads to higher revenue, and given the following of the Apple brand, both stores remain crowded almost every day.
The sales from Apple Stores exceeded the company’s estimates.
ASP through offline channels
Associate vice-president of market research firm IDC India, Navkendar Singh, says that the iPhone’s ASP in India in the calendar year 2022 was $935-990 through offline channels
The figure stood at $890 for online sales.
Counting the two new stores, iPhone’s overall ASP will likely cross $950.
This figure is separate from the 18 per cent GST applicable on smartphones.
The Indian smartphone market is one that is price-sensitive, looking for the biggest discount available.
With this, it will be interesting to see if the two stores can sustain their sales numbers.
High demand, low supply
A market expert said sales would obviously go up during an iPhone launch.
Another factor pushing sales up would be if Apple decides to allocate higher inventory to its stores.
This is significant since there was a higher demand and relatively low supply of iPhones at the time of launch.