Tech major Apple has leased 8,000 square feet of retail space at Bengaluru’s Phoenix Mall of Asia for its third outlet in the country, industry sources have told FE. It will pay an annual rent of about Rs 2.09 crore — Rs 17.4 lakh per month — with a revenue share of about 2% for the first three years of operation, sources said. The revenue share is likely to increase to about 2.5-3% of its top line thereafter. The lease agreement is for about 10-11 years, sources said.
While the Bengaluru outlet will be opened later this calendar year, the move marks a step-up for the iPhone maker in terms of its retail strategy in the country, sources said. Apple already has a store each in Mumbai and Delhi, launched in April 2023, paying around Rs 40-42 lakh per month in rent. Annually, the Mumbai store’s rent works out to about Rs 5.04 crore and the Delhi store’s Rs 4.8 crore. Lease agreements are for about 10-11 years each, sources added.
Apple’s chief executive officer Tim Cook had said in an investor call earlier this month that the company proposed to set up four more stores in India, starting with Bengaluru and Pune (a store each) and additional stores in Mumbai and Delhi-NCR.
‘We set a number of quarterly records in countries and regions across the world, including India,’ Cook said. In retail, in addition to the two stores we opened during the (first) quarter (of CY2025), were also looking forward to a new retail store in the UAE, the arrival of the online store in Saudi Arabia, and new retail stores in India starting later this year,” Cook said.
The Bengaluru Apple store will be the smallest in terms of size compared to the existing two stores in Mumbai (20,800 sq ft) and Delhi (8,417 sq ft), persons in the know said. However, the destination — Phoenix Mall of Asia — is upscale in line with Mumbai’s Jio World Drive in Bandra-Kurla Complex and Delhi’s Select Citywalk in the Saket area, which is home to premium and luxury brands.
Much like in Delhi and Mumbai, Apple has also provided the lessor with a list of competing brands that prohibits them from occupying nearby retail stores or displaying their ads near its outlet in Bengaluru. This includes names such as Google, Amazon, Facebook, and Microsoft.