As it prepares to launch its first store in India at Bandra Kurla Complex later this month, Apple greets Mumbai with the phrase “Hello Mumbai.”
The lease for the Iphone maker’s shop in Jio world Drive mall is for 133 months, or about 11 years, with a 60-month option to extend it.
The store, which is 20,806 square feet in size, is rented for more than 42 lakhs rupees per month, or well over 5 crore per year.
According to the lease information retrieved from the data analytics platform CRE Matrix, the rent will increase by 15% every 36 months.
The rent would be around 7.7 crore per year during the first lease’s final duration. The initial rent after extension will be 8.8 crore.
The store will be located on the first, and bottom floors. Both side have locked in the lease time.
On Wednesday, the business removed the covers from the storefront so that everyone could see the decal pattern, which was inspired by the city’s common “kaali-peeli” cabs.
Customers are receiving “Apple BKC- coming soon “teaser mailings. We’re getting ready to welcome you aboard our first store in India, the website declares. And forward to observe your artistic development at Apple BKC.
The store will carry all of its products, including iPhones, iPads, AppleWatches, and Macs. Customers have the option to trade in their old Apple devices for credit towards their upcoming purchase thanks to the firm.
Due to legal restrictions, local sourcing requirments, and later the Covid-19 outbreak, the opening of Apple’s own stores in India has been significantly delayed.
According to Counterpoint Research, India has a 4% market share for smartphones at the end of 2022, making it one of the major markets for Apple goods.
Its shipment to the nation increased 35% year over year throughout the year, driven by high demand for its flagship iPhones. Additionally, the corporation produces iPhones in the nation and exports them as well.
