Apple to open new store in this Indian city, not in Gurugram, Noida, Chennai, Pune, annual rent will leave you shocked, it is Rs...

Apple is set to open a new retail store in North Bengaluru, marking its third official outlet in India. The store will be located at the Phoenix Mall of Asia in Karnataka, following the company's flagship locations in Mumbai and Delhi. This new store is expected to strengthen Apple’s presence in Bengaluru, a city that is also home to several of the company’s manufacturing partners. Foxconn, Apple’s major supplier, is reportedly building a new facility in the area. According to a report by The Times of India, Apple has signed a 10-year lease for a space measuring 7,997.8 square feet. The store's annual rent is Rs 2.09 crore. The lease officially started on November 8, 2024, but rent payments will begin from August 8, 2025. The property is owned by Sparkle One Mall Developers Private Limited.

The lease also includes a revenue-sharing model. Apple will pay 2% of its store revenue for the first three years. This will increase to 2.5% after that. However, the revenue share cannot be more than twice the minimum yearly rent. Rent and security deposit amounts will also increase by 15% every three years.

Apple has reportedly paid a deposit of Rs 4.33 crore. Earlier, the same space was leased by Agni Commex LLP at Rs 48.19 lakh per month. The lease has two lock-in periods, ending on December 31, 2027, and December 31, 2028.

This move is part of Apple’s larger plan to expand its retail operations in India. In 2023, the company leased over 20,000 square feet of space across three floors in a Mumbai mall, paying around Rs 42 lakh per month in minimum rent.

Additionally, Apple is said to have taken 1.16 lakh square feet of commercial space on Cubbon Road in Bengaluru. The rent for that location is Rs 2.43 crore per month on a 10-year lease.

Apple is also planning to open four more stores in India. These will be located in Delhi NCR, Mumbai, Pune, and another part of Bengaluru. Hiring for these stores has already begun.

This expansion follows Apple CEO Tim Cook’s statement that the company will continue to invest in India as a key market.