Bengaluru's first Apple Store likely to open soon: Annual rent and more that lease agreement reveals
Apple
has reportedly secured a retail lease for 7,997.8 square feet within North Bengaluru's upscale Phoenix Mall of Asia. The new Bengaluru location is anticipated to become Apple's third retail outlet in India, following its flagship stores in Mumbai and Delhi. This comes soon after Apple CEO Tim Cook announced that the iPhone maker will expand its retail footprint in the country.
As per an agreement, revealed by leading real estate platform Propstack, the lease is for a 10-year term with an annual rent of Rs 2.09 crore. It also claims that the lease officially commenced on November 8, 2024, with rent payments set to begin on August 8, 2025. The landlord for the property is Sparkle One Mall Developers Private Limited.
Bengaluru's 1st Apple store of 8,000 sft in Phoenix Mall of Asia
Apple India has leased a retail space of 8,000 sft in north Bengaluru's upscale Phoenix Mall of Asia for 10 years at an annual rent of Rs 2.1 cr.
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The lease also includes a revenue-sharing component of 2% revenue for the first 36 months and 2.5% thereafter. However, revenue share payments are capped at twice the value of the applicable yearly minimum guaranteed rent, the document showed.
The lease commenced on November 8, 2024, and the rent will be charged from August 8, 2025, onwards. The lease has a 15% escalation in both rent and security deposit every three years.
What else do we know about Apple's retail expansion plan in India
This new store is expected to further strengthen Apple's retail presence in India, particularly as manufacturing partner Foxconn is reportedly preparing a new facility in Bengaluru.
Earlier documents indicate that Agni Commex LLP (the landlord) initially leased the space for Rs 48.19 lakh per month, with Apple India paying a deposit of Rs 4.33 crore. The deal includes two lock-in periods, until December 31, 2027, and December 31, 2028, respectively.
In 2023, Apple had previously leased over 20,000 square feet of retail space across three floors in a Mumbai mall at a minimum guaranteed rent of approximately Rs 42 lakh per month. Additionally, the company secured 1.16 lakh square feet of commercial space on Bengaluru's Cubbon Road for Rs 2.43 crore per month for 10 years, according to media reports.
Apple is set to open four more Apple Stores across the country, in addition to Apple BKC in Mumbai and Apple Saket. The new stores will be in Delhi NCR, Mumbai, Pune and Bengaluru, in India. The company has reportedly started hiring for these retail stores.
4 new Apple stores confirmed for Delhi, Mumbai, Pune and Bengaluru!
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