Apple Retail Store in India: The monthly rent of Apple’s first store in India is Rs 42 lakh, three percent of the revenue will also have to be paid.

Apple Retail Store in India: The first retail store of the iPhone maker in India is opening in Mumbai. According to Propstack’s data, Apple’s retail store will open up to three floors in a 20 thousand square feet mall. This Apple store is located in the commercial hub of Mumbai Kurla Complex. The monthly rent of this store is surprising. 

The tech giant is focusing on increasing business and revenue on a large scale by opening its iPhone stores in India. In such a situation, the company has planned to open the first Apple retail store in Mumbai, India. Talking about the rent, its monthly rent is Rs 42 lakh. 

Revenue stock deal with rent 

The annual rent for the company’s first retail store in India is at least Rs 5.04 crore, which will be paid on a quarterly basis. According to the figures, the monthly rent will be Rs 42 lakh. There is also an inbuilt escalation clause of 15% every three years. Apart from this, there is also a revenue stock deal, where Apple will have to pay 3% of the revenue for 36 months and then 2.5% after that. 

The agreement has been registered on February 26, 2021. The location of this store is in Jio World Drive Mall. Most of the goods are luxury brands. This consignment will also be known as Apple BKC. 

Who will Apple hire

Apple Pvt Ltd has tied up with Indian Film Combine Pvt Ltd. Apple has also paid the rent for 6 months. The Money Control report states that the company has paid Rs 2.52 crore as rent for six months. This rent will increase by 15 percent every three years. The tenure of the retail store is 133 months and an additional option of 60 months will be given. Apart from this, Rs 110 per square foot will be given for maintenance. 

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