Apple is actively expanding its retail presence in India, with plans for a new store in Mumbai’s latest shopping mall, Sky City Mall. This follows the opening of Apple’s first store in Mumbai by CEO Tim Cook and Deirdre O’Brien in 2023. According to reports, Apple has secured a lease for 12,616 square feet at the new location, with a rental agreement lasting nearly 11 years. Historically, Apple’s retail strategy began with stores averaging around 6,000 square feet.
However, by 2012, the need for larger spaces was clear, as the average size of Apple stores had grown to 8,400 square feet. Flagship stores, such as those in Covent Garden, London, and Fifth Avenue in New York, are significantly larger, with sizes of 40,000 and 77,000 square feet, respectively. The new Mumbai outlet will be located approximately 13 miles from the existing Apple BKC, which spans 20,000 square feet. An interesting detail about the lease is the initial 10-month rent-free agreement, after which Apple will pay around $21,000 monthly.
Additionally, for the first 42 months, the company will contribute a 2% quarterly revenue share, which will increase to 2.5% thereafter—common practice in the region. Apple is also looking to strengthen its position in India with new stores planned for Bengaluru and Pune, along with a second store in Delhi. As of early 2024, it was reported that the first two stores alone accounted for nearly 20% of Apple’s business in the country. The company continues to sell products through third-party resellers and is ramping up its manufacturing capabilities in India.
Moreover, Apple is enhancing its repair services through new partnerships with Tata Group, indicating a broader commitment to operational growth in the region.
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