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3w ago

Apple Secures 8,000 sq ft at Bengaluru’s Phoenix Mall for Third India Store

The agreement highlights Apple’s strategy to diversify its supply chain by ramping up production in India ahead of further store openings in major cities.

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As per the leasing arrangement, Apple has signed a 10-year lease and will pay rent along with a revenue-sharing component.
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Overview

  • Apple has leased roughly 8,000 square feet at Phoenix Mall of Asia in Hebbal under a 10-year agreement that begins rent payments in August 2025, with the store slated to open later in the year.
  • The lease carries an annual rent of ₹2.09 crore plus a revenue-sharing arrangement starting at 2% of sales for the first three years and rising to 2.5% thereafter.
  • This location marks the third Apple Store in India and kicks off a plan for four additional outlets in Pune, Mumbai and Delhi-NCR, following the 2023 openings in Mumbai and Delhi.
  • The retail expansion complements Apple’s manufacturing growth in India, as Foxconn’s Devanahalli facility nears production and Tata Group readies its Hosur plant to help deliver US-sold iPhones ‘Made in India’ by mid-2025.
  • The push into India's retail and manufacturing sectors intensifies against US-China trade tensions, with former President Trump threatening a 25% tariff on non-US-made iPhones.