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Apple India has signed a lease for 12,616 sq ft of retail space at Oberoi Sky City Mall, Borivali, Mumbai's marking its second store in Maharashtra and fourth in India. The 10-year, 10-month lease carries an annual rent of INR 2.08 crore, with a 15% escalation every three years. The deal includes 150 sq m of storage space, five parking spots, and a security deposit of INR 1.04 crore. A revenue-sharing clause requires Apple to pay 2% of store revenue for 42 months, rising to 2.5% thereafter. The store expands Apple's retail footprint beyond Mumbai's city centre, targeting the growing suburban market. This move complements Apple's broader India strategy of boosting domestic sales and manufacturing. By entering suburban hubs, Apple is adapting to India's evolving consumer landscape and strengthening its retail presence in key growth corridors.
Apple India has recently finalised a lease for a 12,616 square feet retail space in Borivali, Mumbai, with an annual rent of INR 2.08 crore (around USD 250,000). This marks the company?s second retail store in Maharashtra and fourth nationwide, following outlets in Mumbai?s Bandra-Kurla Complex and Delhi?s Saket area and an upcoming store in Bengaluru. Advertisement
The lease agreement spans 10 years and 10 months and includes a 15% rent escalation every three years. Situated on the ground floor of Oberoi Sky City Mall, the retail space also offers an additional 150 square metres for storage and five designated parking spots. A security deposit amounting to INR 1.04 crore (approximately USD 125,000) has been paid as part of the deal.
Moreover, the contract includes a revenue-sharing clause, under which Apple will pay 2% of the store?s revenue for the initial 42 months, increasing to 2.5% thereafter. This retail expansion supports Apple?s wider efforts to enhance its physical store presence in India, complementing its growing domestic manufacturing and sales strategy.
With the Borivali outlet, Apple aims to serve the increasing suburban consumer market of Mumbai, reaching customers beyond traditional city-centre locations and strengthening its foothold in India?s retail ecosystem.
Apple?s decision to establish a flagship store in Mumbai?s suburban locality reflects the brand?s evolving approach to retail in India. Instead of focusing solely on metropolitan hotspots, the company is tapping into emerging suburban markets, recognising their potential for sustained growth. This strategic expansion highlights how global technology companies are adapting to India?s diverse consumer landscape by investing in accessible retail spaces that foster closer engagement with a wider audience.
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