Apple to Open First Physical Retail Store in Mumbai, India, Amid Reports of Rival Brands Being Banned
Apple, one of the world’s most valuable tech companies, is set to take a significant step in expanding its presence in the Indian market with the opening of its first physical retail store in Mumbai. The store, located in the Jio World Drive mall, is expected to open by the end of this month and will feature a range of Apple products, including the latest iPhones, iPads, Macs, and other accessories.
The opening of the store marks a significant milestone for Apple, which launched its online retail store in India in 2020. With the physical retail stores opening, the Indian market has become a significant market for the company as it seeks to expand its reach globally.
However, reports suggest that Apple has entered into an agreement that prohibits around 22 rival brands from opening stores or placing advertisements near its stores. These brands include Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxconn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, Panasonic, and Toshiba. There is also speculation that Samsung may be included in the list.
The lease agreement signed by Apple for the Mumbai store spans over 11 years with a 15% rent escalation every three years. The company is set to pay a minimum monthly rent of Rs 42 lakh for the space, which is owned by businessman Mukesh Ambani.
The launch of the store was initially planned for 2021 but was postponed due to the COVID-19 pandemic. With the pandemic situation improving in the country, Apple has now announced the opening of its Mumbai store and welcomed the people of Mumbai to its first physical store in India on its website.
The opening of the store is expected to provide a boost to Apple’s presence in the Indian market, which has been growing rapidly in recent years. The company has been focusing on manufacturing iPhones locally in India to reduce costs and increase sales in the country. The move is also in line with the Indian government’s “Make in India” initiative, which aims to promote local manufacturing and create job opportunities in the country.
In conclusion, the opening of Apple’s first physical retail store in Mumbai marks a significant milestone for the company’s expansion plans in the Indian market. The store’s launch comes at a time when Apple has been focusing on increasing its presence in the country, and it is expected to provide a boost to the company’s sales in the region.
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