Apple to pay Rs 42 lakh rent for retail store, ‘no entry’ for rivals

Apple iPhone, AirPods, iPads and other Apple devices will soon be sold in India at the brand’s first retail store that will be opening soon at Reliance Jio World Drive mall in Mumbai. The launch of Apple’s first official store is long awaited and to make the best out of it, the tech giant has reportedly leased an ‘exclusive zone’ in the Ambani-owned mall. According to a report by the Economic Times, Apple’s lease agreement bars 22 competing brands including Amazon, Facebook, Google, LG, Microsoft, Sony, and others from occupying space or displaying any advertisement inside the exclusivity zone of the mall.

The report claims that the information about the exclusive lease agreement was obtained by information analytics company CRE Matrix. As per the lease, the licensor will not be allowed to grant any licenses, sublicenses, leases, subleases, or other agreements to Apple rivals.

Ambani-owned mall in Mumbai has an 11-year deal with Apple for a space of around 20,800 square feet. The rent of the store will increase by 15% every three years and the company will pay a minimum monthly payment of Rs 42 lakh along with a 2% revenue share contribution for the first three years. The revenue share contribution will increase to 2.5% after the first three years.

Apple has revealed the barricade of brick-and-mortar stores in India at Jio World Drive Mall in Mumbai, officially marking the upcoming opening of Apple BKC. Inspired by the iconic ‘Kaali Peeli’ taxi art unique to Mumbai, the Apple BKC creative includes colourful interpretations of the decals combined with many Apple products and services.

The creative for the store features a bright welcome to people passing by with the classic Apple greeting, “Hello Mumbai”. DNA India