Apple India has zeroed in on Bengaluru for opening its third retail outlet after Mumbai and Delhi, which were opened in 2023.For the third outlet, the iPhone maker has leased 8,000 square feet of retail space in Bengaluru's Phoenix Mall of Asia, which will be smaller than its first flagship store spanning more than 20,800 st ft in Jio Mall in the Bandra Kurla Complex, Mumbai.
However, it will be as large as Apple's second outlet in Select Citywalk Mall in Delhi's Saket. According to lease-related documents from real estate data analytics firm Propstack, Apple India will pay an annual rent of 2.09 crore for the Bengaluru retail store, which translates to a monthly rent of 17.4 lakh. Along with the rent, Apple will also pay 2 per cent of its revenue for the first three years of the lease tenure and 2.5 per cent thereafter to the landlord.
However, the lease deal has a rent cap where the revenue share payment does not exceed a value that is twice the value of the applicable yearly minimum guaranteed rent for the year. The carpet area of the space is 7,997.80 sq ft.
The company has also paid a deposit of 1.046 crore. The rent and the security deposit both will escalate by 15 per cent after every three years.
Prachi Pisal, Gulveen Aulakh/Business Standard
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