“Apple’s First India Store in Ambani-Owned Mall: Rs 42 Lakh Rent and Exclusive Access””Apple’s First India Store in Ambani-Owned Mall: Rs 42 Lakh Rent and Exclusive Access”
“Apple is set to open its first official store in Mumbai’s Reliance Jio World Drive mall, bringing iPhones, AirPods, iPads, and more to Indian consumers.
To create a special experience, Apple has leased an exclusive area in the mall. Interestingly, this lease agreement prevents 22 rival brands, including Amazon,
Facebook, Google, LG, Microsoft, and Sony, from setting up shop or advertising within this exclusive zone.”
The report claims that the information about the exclusive lease agreement was obtained by information analytics company CRE Matrix. As per the lease,
the licensor will not be allowed to grant any licenses, sublicenses, leases, subleases, or other agreements to Apple rivals.
Ambani-owned mall in Mumbai has an 11-year deal with Apple for a space of around 20,800 square feet. The rent of the store will increase by 15% every three years and
the company will pay a minimum monthly payment of Rs 42 lakh along with a 2% revenue share contribution for the first three years.
The revenue share contribution will increase to 2.5% after the first three years.
A company called CRE Matrix found out that Apple made an exclusive deal with the Ambani-owned mall in Mumbai. This deal means the mall can’t rent space to any of
Apple’s competitors.
Apple has secured space in the mall for 11 years, covering about 20,800 square feet. The rent for the store will go up by 15% every three years. In the beginning,
Apple will pay a minimum monthly rent of Rs 42 lakh, plus a 2% share of its revenue for the first three years. After that, the revenue share will increase to 2.5%.
