Apple Inc. is set to pay Rs 42 lakhs per month in rent for its first retail store in India, located in the Reliance Industries-owned Jio World Centre Mall in Mumbai. The store, which spans over 20,000 square feet, is expected to open later this year.
The deal represents a significant milestone for both Apple and Reliance Industries, as it marks the first time Apple has agreed to pay rent for a retail store in India. The country’s strict laws on foreign investment have historically made it difficult for companies like Apple to establish a retail presence in the country.
However, recent regulatory changes have made it easier for foreign companies to set up shop in India, and Apple has been keen to tap into the country’s large and growing consumer market. India is currently the world’s second-largest smartphone market, with over 700 million users.
The new Apple store in Mumbai is expected to become a major attraction for the city’s tech-savvy population, offering a range of Apple products and services, including the iPhone, iPad, Apple Watch, Mac, and more.
The Jio World Centre Mall, which is owned by Reliance Industries Chairman Mukesh Ambani, is a state-of-the-art complex that houses a variety of luxury brands, including Gucci, Dior, and Louis Vuitton. The addition of an Apple store is expected to further boost the mall’s profile and attract even more high-end shoppers.
The rent agreement between Apple and Reliance Industries is seen as a win-win for both companies. For Apple, it represents a significant step forward in its efforts to expand its presence in India, while for Reliance Industries, it is a major coup to have one of the world’s most valuable companies as a tenant in its mall.