Apple to Open Its First Retail Store in India Amid Reports of Rival Brands Being Banned

Apple plans to open its first real retail shop in Mumbai, India, by the end of this month, marking an important step in the company’s push into the Indian market. While the store’s launch is likely to enhance Apple’s sales in the region, sources indicate that competing companies are prohibited from building stores or posting advertisements near the store. Apple inked an 11-year leasing arrangement for the Mumbai shop, with a 15% fee increase every three years, and the minimum monthly rent for the property is Rs 42 lakh.