Tech company Apple is soon going to open its first flagship retail store ‘Apple BKC’ in India. This store will open in Reliance Industries Chairman Mukesh Ambani’s Jio World Drive Mall. This mall is located in Bandra Kurla Complex, Mumbai.

According to The Economic Times report, 22 competing brands will neither be able to open their stores nor advertise around this Apple store. Quoting information analytics company ‘CRE Matrix’, the report said that for this, an exclusive lease agreement has been signed between Apple and World Drive Mall.

Apple will pay Rs 42 lakh per month as rent
According to the report, Apple has an exclusive lease agreement with World Drive Mall for 11 years. The company’s store will be in 20,800 square feet of this mall, for which Apple will pay a rent of Rs 42 lakh every month. This rent will increase by 15% every three years. Also, the company will share 2% of the revenue for the first three years. Thereafter, the revenue share contribution will increase to 2.5%.

These brands will not be able to open stores
Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxkorn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, Panasonic, Toshiba, Samsung (Expected)

Apple will open store in New Delhi after Mumbai
As per reports, after opening India’s first store at Mumbai’s Jio World Drive Mall, the second store will be opened in New Delhi. However, the New Delhi store will be smaller as compared to Mumbai.

Tim Cook had announced to open stores in India in 2020

The launch of Apple Stores in India has been delayed due to the COVID-19 pandemic. During Apple’s Annual Shareholders Meeting in 2020, CEO Tim Cook said that he does not want ‘someone else to run the brand for us’ in India. But Apple’s plan to open stores in 2021 was derailed due to the pandemic.

For years, Apple’s retail partners have been running third-party stores in Indian cities big and small, but they have not been able to provide the same experience as found on New York’s 5th Avenue, London’s Regent Street or Singapore’s Marina Bay. Apple’s stores are some of the most successful retail outlets in the world and are extremely profitable.

Apple co-founder Steve Jobs opened the first Apple Store in Virginia in 2001. Many people had predicted their failure then, but the company’s strategy of opening stores was extremely successful. Apple now has more than 500 retail stores, most of them in the US, followed by China.

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