Apple signs 10-year lease for third India store at Bengaluru's Phoenix Mall of Asia
Apple will pay ₹2.09 crore annual rent (₹17.4 lakh/month) plus 2% revenue share for a 7,997.8 sq ft space, with 15% escalation every three years. The store, targeted for August 2025, follows Mumbai and Delhi, with four more planned across Pune, Delhi NCR and Mumbai.
What happened
Apple finalised a 10-year lease for its third India store at Phoenix Mall of Asia, Bengaluru, paying ₹2.09 crore annual rent plus revenue share. Part of Tim
Key facts
- 7,997.8 sq ft
- ₹2.09 crore annual rent
- ₹17.4 lakh/month
- 10-year lease
- 2% revenue share first 3 years, 2.5% thereafter
- ₹1 crore+ security deposit
- 15% escalation every 3 years
- 1.2 million sq ft mall
- 12 malls across 8 cities
Why this matters
The clustered rollout across Bengaluru, Mumbai, Delhi NCR and Pune marks Apple's aggressive India retail buildout, tightening the window to secure anchor mall positions before premium locations get locked up.
What to watch
- Quarterly India revenue and iPhone shipment share disclosures
- Phoenix Mall of Asia footfall and comparable-store sales post-opening
- Import duty / GST policy changes on electronics
- Grade-A mall rental index in Bengaluru/Mumbai/Delhi
- Local assembly/PLI scheme expansion tied to retail commitments
- Apple confirms Bengaluru store staffing/hiring and August 2025 launch date
- Announcements or lease signings for Pune, Delhi NCR and Mumbai locations
- Expanded Apple online store financing/trade-in promotions in Bengaluru catchment
- Competitor flagship-experience-store responses from Samsung/Google in tier-1 malls
- Mall operators raising anchor-tenant rents citing Apple-style revenue-share deals