Apple is set to open two new stores in India this month, one in Mumbai’s Bandra Kurla Complex (BKC) and the other in Delhi’s Select City Mall in Saket. While both stores promise to be impressive additions to the Apple retail family, recent reports have highlighted some key differences between the two, particularly when it comes to the size of the stores and their lease agreements.

Apple Saket versus Apple BKC: Size and Rent

According to CRE Matrix, the Apple Saket store in Delhi has a floor area of 8,417.83 square feet, while the Apple BKC store in Mumbai is more than twice as large, with a floor area of 20,000 square feet. However, despite the significant difference in size, Apple is paying nearly identical rents for both stores. The tech giant is reportedly paying Rs. 40 lacks per month for the Delhi store and Rs. 42 lacks per month for the Mumbai store.

Lease Agreements

The lease agreements for the two stores also reveal some interesting details. The Delhi store is located on the first floor of the Select City mall, with a 10-year contract agreed upon between Apple India and Select Infra in July 2022. The company has the option to extend the lease for another five years with a notice period of six months.

In contrast, the BKC store in Mumbai will have a lock-in period of five years and a 15% rent increase every three years, as revealed by Gagan Randev, the executive director of capital markets at India Sotheby’s International Realty.

Terms and Conditions

Interestingly, the lease agreement for the BKC store includes a provision that prohibits 22 “competing brands” from opening stores or displaying advertisements near the Apple store. These brands include Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxconn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Home, Panasonic, and Toshiba.

Conclusion

The two new Apple stores in India promise to be exciting additions to the company’s retail presence in the country. While the Delhi store is significantly smaller than the Mumbai store, Apple is paying nearly identical rents for both. The lease agreements for the two stores reveal some interesting details, including provisions that restrict competing brands from opening stores or displaying advertisements near the Apple store in Mumbai.