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After Mumbai and Delhi, Bengaluru Bags Apple’s Next Retail Gem: Check Out the Jaw-Dropping Rent

Author Admin Estimated read time 3 min read



Apple is set to open its third retail store in India at Phoenix Mall of Asia in North Bengaluru, following successful launches in Mumbai and Delhi. The move marks a strategic expansion of the tech giant’s presence in the country, particularly in Karnataka, where its manufacturing partner Foxconn is also reportedly setting up a new facility. The upcoming store is expected to strengthen Apple’s retail and operational footprint in Bengaluru, a key tech hub for the company’s growing ambitions in India.

Apple has signed a 10-year lease for a 7,997.8 sq ft space in Bengaluru’s Phoenix Mall of Asia, paying ₹2.09 crore annually in rent, according to documents accessed by The Times of India via Propstack. The lease officially began on November 8, 2024, with rent payments starting August 2025. The property is owned by Sparkle One Mall Developers Private Limited, and the deal includes a revenue-sharing component alongside fixed rent.

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Under the agreement, Apple will pay 2% of its store revenue for the first three years, increasing to 2.5% thereafter. However, this revenue share is capped at twice the annual minimum guaranteed rent. Additionally, the contract includes a 15% escalation in rent and security deposit every three years. Apple has already paid a ₹4.33 crore deposit, and earlier documents revealed the space was previously leased at ₹48.19 lakh per month. The lease has two lock-in periods extending into late 2027 and 2028.

This marks a significant step in Apple’s India expansion strategy. In 2023, the tech giant leased more than 20,000 sq ft across three floors in a Mumbai mall with a guaranteed rent of ₹42 lakh monthly. It has also acquired 1.16 lakh sq ft of commercial space on Bengaluru’s Cubbon Road for ₹2.43 crore per month under another 10-year lease deal.

Apple is now planning to open four additional stores in India—targeting cities like Delhi NCR, Mumbai, Pune, and another Bengaluru location. With retail operations already active at Apple BKC (Mumbai) and Apple Saket (Delhi), the company has started hiring for its upcoming stores, aligning with CEO Tim Cook’s commitment to deepen Apple’s footprint in the growing Indian market.

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