As we can witness the American smartphone giant Apple is poised to expand its retail presence in India and for this, the company has opened a new store in Karnataka, which is located at North Bengaluru’s Phoenix Mall of Asia reportedly.
Opening Of First Apple Store In Bangalore
This holds a great significance for the company as it is marking what is expected to be the company’s third retail outlet in the country after the launch of its flagship locations in Maharashtra’s Mumbai and Delhi.
With the launch of this store, the smartphone maker is expecting to boost Apple’s footprint in Bengaluru.
For the unawares, Apple’s manufacturing partner Foxconn is also said to be establishing a new facility here.
Apple’s Bengaluru store is cited to have a lease agreement accessed through real estate platform Propstack which Apple has signed a 10-year lease for a 7,997.8 square foot space with an annual rent of ₹2.09 crore for its store in Bengaluru.
According to this revelation, the lease officially commenced on November 8, 2024 and its rental payments were scheduled to begin from August 8, 2025.
It appears that this property is owned by Sparkle One Mall Developers Private Limited.
Further, this deal talks about a revenue-sharing model, wherein Apple will pay two per cent of revenue for the first 36 months, increasing to 2.5 per cent thereafter.
Notably, its revenue share is capped at twice the applicable yearly minimum guaranteed rent.
Moving ahead this agreement features a 15 per cent escalation in rent and security deposit every three years.
More Outlets In Future
In a broader sense, it appears to be part of Apple’s broader retail expansion strategy in India.
Earlier Apple leased over 20,000 square feet of space across three floors in a Mumbai mall in 2023 with a minimum guaranteed rent of around ₹42 lakh per month.
Besides this development, the company has also secured 1.16 lakh square feet of commercial space on Cubbon Road, Bengaluru, for ₹2.43 crore per month on a 10-year lease.
Reportedly, the smartphone maker is planning to open four more stores across the country including Delhi NCR, Mumbai, Pune, and Bengaluru.
This would be an addition to its existing Apple BKC and Apple Saket outlets.
They have already commenced with the hiring for these new retail locations.
Apple is looking forward to this retail push following the Apple CEO Tim Cook’s announcement that the iPhone maker would continue expanding its presence in India.
