Apple Inc. has finalized a lease for a premium retail space measuring 7,997.8 square feet in North Bengaluru’s posh Phoenix Mall of Asia, marking its third store in India after the flagship outlets in Mumbai and Delhi.
The lease deal, as reported by Propstack, is for a duration of 10 years with an annual rent of ₹2.09 crore. Apple’s rental obligations officially start on August 8, 2025, although the lease commenced from November 8, 2024. The agreement is with Sparkle One Mall Developers Pvt. Ltd., the mall’s landlord.
As part of the contract, Apple will also share 2% of revenue for the first 36 months, rising to 2.5% afterward. However, this revenue share is capped at twice the annual minimum guaranteed rent. The lease also includes a 15% increase in rent and security deposit every three years.
Before Apple stepped in, the space was leased by Agni Commex LLP at ₹48.19 lakh monthly. Apple paid a hefty security deposit of ₹4.33 crore and has agreed to two lock-in periods, ending in December 2027 and December 2028 respectively.
The expansion aligns with CEO Tim Cook’s earlier announcement of Apple growing its Indian retail footprint. The company also has major commercial space on Bengaluru’s Cubbon Road and plans to launch additional stores in Delhi NCR, Mumbai, Pune, and Bengaluru. Hiring for these locations has already begun.
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