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on Apr 10, 2023)Apple will soon open its first flagship store in Mumbai and there’s already been a lot of chatter around it. The company wants India to see and feel the overall experience that an Apple Store offers, and apparently, it doesn’t want any distractions.
According to a report by The Economic Times, Apple has stipulated that about two dozen technology, electronics and e-commerce brands shouldn’t have any kind of presence near its upcoming store at Reliance Jio World Drive mall in Mumbai. The information is based on a lease agreement accessed by data analytic firm CRE Matrix.
Apple wants these brands out of ‘exclusive zone’
According to a report, Apple has specified 22 brands, including Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxconn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, Panasonic and Toshiba, that should be kept out of its “exclusive zone”.
Brand presence includes stores, hoardings and advertisements of these brands.
“The licensor will not give on license, sub-license, lease, sub-lease or any other arrangement nor allot any of the brands listed as ‘Competing Brands’ to occupy any space for setting up of retail stores for retailing, advertising, selling, offering, displaying and merchandising their products and services within the area of the shopping centre depicted on exclusivity zone,” the agreement was cited as saying.
Apple signed 11-year lease
Reportedly, Apple has signed a lease for over 11 years with a 15% rent escalation provision every three years with the Mumbai mall.
The company will reportedly pay around Rs 42 lakh per month for about 20,800 square feet of space as a minimum guarantee, in addition to 2% of revenue share for 36 months, and 2.5% after that.
Apple Stores in India
Apple recently unveiled the facade of its Mumbai store and it is being reported that the launch may be attended by Apple CEO Tim Cook. Meanwhile, previous reports also suggest that there will be a second store in Delhi at Select Citywalk Mall.
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