Apple's India stores pay ₹40 lakh rent, record up to ₹25 crore monthly sales: Report
The record-breaking sales could be attributed to Apple’s comparatively higher average selling price (ASP).
Apple’s first stores in India, at Mumbai and Delhi, have grossed monthly sales of around ₹22 - ₹25 crore each, the Economic Times (article beyond paywall) reported on Thursday. Citing industry experts, the report added that the figures are twice the profits garnered by an electronics store during non-festive seasons like Diwali. The sales record establishes Apple BKC and Saket as the biggest electronics stores in India in terms of revenue, just weeks after their grand launch.
Apple CEO Tim Cook inaugurated the swanky new stores, which signal the company's focus on India as an emerging production hub, in April. The Mumbai store is in Jio World Drive, located at Bandra Kurla Complex, while the Delhi outlet is at Select Citywalk Mall.
Mumbai vs Delhi store
Although Apple Saket is smaller in size compared to the Mumbai store spanning across 22,000 sq ft, both outlets managed to clock in similar revenues. Interestingly, the company is shelling out ₹40 and ₹42 lakh as rent for its Delhi and Mumbai outlets, respectively.
Apple BKC recorded ₹10 crore sales on the opening day, an enormous jump compared to the roughly ₹7-8 crore that a fairly large electronic shop garners a month. Both stores reportedly saw a footfall of over 6,000 people on the day their doors were opened to Indian customers.
What explains the record revenues?
According to the industry executives quoted in the report, the record-breaking sales could be attributed to the Cupertino-based tech giant’s comparatively higher average selling price (ASP). Both BKC and Saket stores continue to draw huge crowds daily owing to the brand popularity and the soaring footfall has led to the massive sales, which surpassed the company’s expectation.