Apple's third retail store is going to open in this city; Know the rent

Apple is reportedly planning to open its third store in India. The development comes following the company reportedly securing a lease for a store in the upcoming Phoenix Mall of Asia in Bengaluru. The company has two stores in India, in Mumbai BKC, and Delhi Saket. Now the company seems to be bolstering its retail channel in India as sales hit all-time highs.

According to a report by Business Standard, Apple has taken retail space on the first floor of Phoenix Mall in Hebbal. The size of the Bengaluru store is said to be equal to the Select Citywalk Mall store in Delhi, but smaller than the 20,800 square feet store at Jio World Drive in Mumbai.

The report further stated that the lease agreement includes an annual agreement of Rs 2.09 crore, which works out to Rs 17.4 lakh per month. The company will also pay a revenue share of 2% for the first three years and 2.5% thereafter. The revenue-based share is limited to twice the annual base rent. The report also stated that the company has paid a deposit of Rs 1.046 crore. As per the lease terms, the rent will increase by 15% every three years.