Iphone manufacturer is getting ready to launch its initial apple retail store in Mumbai, India. The company has rented more than 20,000 square feet of shop space over three levels in an outlet building in Mumbai’s Bandra Kurla Complex, the city’s commercial centre.
Rent must be paid in full every quarter and is a minimum of Rs 5.04 crore. To be completely honest, this equates to Apple making only Rs 42 lakh every month, which is just pocket change for the company.
SEE ALSO: Tim Cook Likely To Visit India For Apple’s First Retail Launch In Mumbai In April
Apple produces some of the world’s best-selling smartphones, laptops, and tablets, and a key factor in their success is the experience they provide. Even Apple stores operate in the same way.
These stores are works of architecture that exhibit the design philosophy and ingenuity of the company; we’ll show you some of the best, which are mentioned below the article.
A money control report states that there is a 15% escalation provision written into the contract every three years. The agreement also contains a revenue-sharing component, under which Apple is required to pay 2.5% of revenues for the first 36 months and 2.8% thereafter.
India has been one of Apple’s fastest-growing markets in recent quarters, despite a decline in demand in many of its core regions. Although several users also criticised Apple for opening its store so slowly in India, it is now occurring at last.
Here’s what some Apple stores overseas look like:
Dubai, Apple Store./ Credit: Apple
Brooklyn, Apple Store/ Credit: Apple
Paris, Apple Store/ Credit: Apple
Grand Central Terminal
Apple has only so far sold products and provided services in India through accredited third-party merchants or online marketplaces like Amazon, Flipkart etc.