Apple getting ‘Ambani discount’ for Mumbai retail store, to pay over Rs 40 lakh rent for half the space in Delhi

Apple Saket store

Apple iPhone, AirPods, iPads and other Apple products got an official online store in India a few years ago and now, the Cupertino based tech giant is gearing up to launch its first retail stores in the country. Apple’s first retail store will be inaugurated by Tim Cook at Ambani owned Reliance Jio World Drive mall in Mumbai on April 18. The second retail store of Apple in India will be opened to the public on April 20 in Select Citywalk mall in Saket. Although the company has not officially revealed much details about the store, sources have revealed that Apple is getting a special ‘Ambani discount’ for its retail store in Mumbai. Apple has leased 8,417.83 square feet space on the first floor of Delhi’s Select Citywalk mall for which the company will pay around Rs 40 lakh per month along with some revenue share contribution. The store that has been leased by Apple for 10 years was previously occupied by Aditya Birla Group’s fashion brand Pantaloons.

As per the agreement, the rent and revenue share contribution will increase every three years. It is worth noting that Apple has signed almost similar deal with Ambani-owned mall however the company is paying comparatively lesser price for a much bigger retail store in Mumbai. Reliance Jio World Drive mall in Mumbai has an 11-year deal with Apple for a space of around 20,800 square feet.

Apart from this, Apple is also getting an ‘exclusive zone’ in the Ambani-owned mall. As per reports, Apple’s lease agreement bars 22 competing brands including Amazon, Facebook, Google, LG, Microsoft, Sony, and others from occupying space or displaying any advertisement inside the exclusivity zone of the mall. “These new retail locations mark a significant expansion in India that will offer great new ways to browse, discover, and buy Apple products with exceptional service and experiences for customers.” the company said in a statement.

Apple BKC opens Tuesday, April 18, at 11 a.m. IST, and Apple Saket will open for customers April 20 at 10 a.m. IST.