Latest news with #PhoenixMallofAsia
Hindustan Times
3 days ago
- Business
- Hindustan Times
Apple picks Bengaluru for third India retail store. Here's what it's paying in rent
Smartphone giant Apple is poised to expand its retail presence in India with a new store in Karnataka, reportedly at North Bengaluru's Phoenix Mall of Asia, marking what is expected to be the company's third retail outlet in the country, following its flagship locations in Maharashtra's Mumbai and Delhi. The store is expected to boost Apple's footprint in Bengaluru, where manufacturing partner Foxconn is also said to be establishing a new facility. According to a ToI report which cited lease agreement accessed through real estate platform Propstack, Apple has signed a 10-year lease for a 7,997.8 square foot space with an annual rent of ₹2.09 crore for its store in Bengaluru. The lease officially commenced on November 8, 2024, with rental payments scheduled to begin from August 8, 2025. The property is owned by Sparkle One Mall Developers Private Limited. The deal includes a revenue-sharing model, wherein Apple will pay two per cent of revenue for the first 36 months, increasing to 2.5 per cent thereafter. However, the revenue share is capped at twice the applicable yearly minimum guaranteed rent. The agreement also features a 15 per cent escalation in rent and security deposit every three years. Apple India has reportedly paid a deposit of ₹4.33 crore, with earlier documents showing the space was initially leased by Agni Commex LLP at ₹48.19 lakh per month. The lease has two lock-in periods extending to December 31, 2027, and December 31, 2028. This development is part of Apple's broader retail expansion strategy in India. In 2023, Apple leased over 20,000 square feet of space across three floors in a Mumbai mall at a minimum guaranteed rent of around ₹42 lakh per month. Additionally, the company reportedly secured 1.16 lakh square feet of commercial space on Cubbon Road, Bengaluru, for ₹2.43 crore per month on a 10-year lease. Apple is reportedly planning to open four more stores across the country—in Delhi NCR, Mumbai, Pune, and Bengaluru—joining its existing Apple BKC and Apple Saket outlets. The company has already begun hiring for these new retail locations. This retail push follows Apple CEO Tim Cook's announcement that the iPhone maker would continue expanding its presence in India.
India Today
4 days ago
- Business
- India Today
Apple opening its 3rd store in India in Bengaluru, Phoenix Mall is the place
Apple is doubling down on India, and Bengaluru is next in line for the Apple retail experience. The tech giant is set to open its third physical store in the country, this time at the Phoenix Mall of Asia in Hebbal, Bengaluru, according to a Business Standard report. The move is part of Apple's growing love affair with India, even as tensions brew across the Pacific. advertisementSet to occupy a prime 8,000 square foot space on the mall's first floor, the new store will be similar in scale to Apple's Delhi outlet, though still dwarfed by the brand's flagship Mumbai store, which covers a whopping 20,800 square feet. While not the largest, the Bengaluru location is expected to pack the same Apple aura — minimalist interiors, expert staff in black tees, and plenty of glass. The report also stated that Apple has leased the place for 10 years. Apple will cough up 2 per cent of its store revenue for the first three years, with the figure climbing to 2.5 per cent in subsequent years. It added, "The lease period has commenced from November 8, 2024, while the rent commencement date is August 8, 2025." This means that the store may open in just a few months from now. advertisement This store is just one piece of a much larger puzzle. Apple CEO Tim Cook recently confirmed the company's intent to open four more retail outlets in India, with Pune and Delhi-NCR joining Mumbai and Bengaluru on the map. The first two stores, which opened in 2023, were seen as symbolic steps in Apple's India journey, this third opening signals something much more has become central to Apple's global plans, not just as a market for sales, but increasingly as a key manufacturing hub. In fact, Cook told analysts during Apple's Q2 2025 earnings call that, come June, most iPhones sold in the United States will carry a 'Made in India' tag. Meanwhile, Vietnam will be the country of origin for the majority of iPads, Macs, Apple Watches, and AirPods sold while Apple expands its footprint across South and Southeast Asia, the mood in Washington is anything but relaxed. President Donald Trump has issued a warning shot, threatening a 25 per cent tariff on iPhones not made in the United States, in a bid to nudge Apple back toward domestic production. It's the latest twist in the ongoing US-China trade saga, one that now seems to be pulling India and Vietnam into its remains unclear is whether these looming tariffs will force Apple to re-evaluate its overseas bets. But judging by the company's current pace in India, and the ink now dry on a decade-long lease in Bengaluru, it appears Apple has no plans to hit the pause button. With more stores on the way and India playing an increasingly vital role in Apple's global supply chain.
Hindustan Times
4 days ago
- Business
- Hindustan Times
Apple to open third Indian store in Bengaluru as US trade tensions rise: Report
Apple is set to open its third retail store in India at Bengaluru's Phoenix Mall of Asia, according to a report by Business Standard. The store will span approximately 8,000 square feet and is expected to follow the company's growing strategy in India, despite rising geopolitical friction between Apple and former US President Donald Trump. The upcoming Apple Store will be located on the first floor of the Phoenix Mall of Asia in Hebbal, Bengaluru. Its size is comparable to Apple's Delhi store but significantly smaller than the flagship Mumbai location, which spans more than 20,800 square feet. As per the leasing arrangement, Apple has signed a 10-year lease and will pay rent along with a revenue-sharing component. For the first three years, the company will pay 2% of the store's revenue, increasing to 2.5% from the fourth year onwards. This location is one of four new Apple Stores planned in India, with other sites expected in Mumbai, Pune, and Delhi-NCR. Apple opened its first two Indian stores, one in Mumbai and another in Delhi, in 2023. The new Bengaluru store further underscores Apple's strategic focus on India, both as a fast-growing consumer market and a key node in its global supply chain. The expansion also aligns with Apple CEO Tim Cook's statement during the Q2 2025 earnings call, in which he highlighted a significant shift in Apple's manufacturing geography. 'For the June quarter, we do expect the majority of iPhones sold in the U.S. will have India as their country of origin,' Cook said, adding that other devices like iPads and MacBooks sold in the US will be sourced from Vietnam. This shift comes amid Apple's ongoing effort to diversify its supply chain away from China. However, the company's ramp-up in India is drawing criticism from former President Donald Trump, who has threatened to impose a 25% tariff on iPhones manufactured outside the United States. Trump's comments followed Apple's decision not to attend a business delegation to the Middle East, reportedly causing further friction between the tech giant and the former US administration. Despite these headwinds, Apple appears committed to deepening its footprint in India—both in manufacturing and retail—signalling that any reversal in this strategy is unlikely in the near term.
