Apple is set to strengthen its retail footprint in India by opening its third retail store in the country, choosing Bengaluru’s Phoenix Mall of Asia as the new location. This move follows the success of its flagship stores in Mumbai and Delhi, and marks a significant step in Apple’s ongoing expansion strategy across India.
According to reports from the Times of India, Apple has signed a 10-year lease for a 7,997.8 square foot retail space in North Bengaluru. The annual rent for the store is pegged at ₹2.09 crore, with the lease officially starting on November 8, 2024. Apple will begin rental payments from August 8, 2025. The property is owned by Sparkle One Mall Developers Private Limited.
The lease agreement includes a revenue-sharing model where Apple will pay two percent of revenue for the first three years, increasing to 2.5 percent thereafter. However, the revenue share is capped at twice the applicable annual minimum guaranteed rent. The agreement also stipulates a 15 percent escalation in rent and security deposits every three years. Apple has reportedly paid a deposit of ₹4.33 crore for the property.
The space was initially leased by Agni Commex LLP at approximately ₹48.19 lakh per month, before Apple took over the lease. The contract features two lock-in periods extending till the end of 2027 and 2028 respectively.
This Bengaluru store comes amid a broader retail expansion plan by Apple in India. In 2023, the company leased over 20,000 square feet across three floors in a Mumbai mall at a minimum guaranteed rent of around ₹42 lakh per month. Additionally, Apple secured a substantial commercial space of 1.16 lakh square feet on Cubbon Road, Bengaluru, at ₹2.43 crore per month for a 10-year lease.
Apple plans to open four more retail stores in India, targeting key cities including Delhi NCR, Mumbai, Pune, and Bengaluru, joining existing outlets like Apple BKC in Mumbai and Apple Saket in Delhi. Hiring for these new stores is already underway.
This aggressive retail expansion aligns with Apple CEO Tim Cook’s recent announcement about the company’s commitment to growing its presence in India, capitalizing on the rapidly expanding smartphone market and manufacturing ecosystem, especially as its manufacturing partner Foxconn ramps up operations in Bengaluru.
With the Bengaluru store, Apple aims to boost its accessibility to customers in southern India and further cement its position as a leading player in the country’s premium smartphone and electronics market.
Sources By Agencies
