Apple Delhi Store Rent: Apple is about to open a store first in Mumbai and then in Delhi. The surprising thing is that the store in Delhi is much smaller than the store in Mumbai but is much higher in terms of rent.
Apple Store: Apple has announced to open stores for Apple lovers living first in Mumbai and then in Delhi. The company's store in Delhi is located in Select City Walk, Saket, one thing to note here is that the company's store in Delhi is smaller than the store opened in Mumbai. But the surprising thing is that although the store in Delhi is smaller in size, the rent of both the stores is the same.
Yes, Moneycontrol accessed the lease agreement documents and found that the monthly rent for both the Apple Delhi Store and the Apple Mumbai Store is Rs 40 lakh per month.
As far as the area of Apple's Delhi store is concerned, the area is quite large as the store covers an area of 8,417.38 square feet. Soon after opening the Mumbai store, Apple will also open its Delhi store for the customers.
The store opening for Apple lovers in Mumbai is more than 20,000 square feet. According to the Moneycontrol report, the lease for the Delhi store was signed on July 18, 2022, which is for 10 years. After this, Apple will also have the option to renew the lease again for another 5 years. But for this, Apple has to tell the mall at least 6 months before the end of the lease.
For the information of the people, let us tell you that Apple has signed with Select Citywalk Mall for the rent of 8,400 square feet of space with a common area maintenance charge of about Rs 475 per square foot. According to this, every month the company has to pay Rs 40 lakh as rent.
It is a 10-year lease with a lock-in of five years, with an increase of 15 per cent every three years. One thing to note here is that the average size of a store in this mall is around 1,500 to 2,000 square feet.
At the same time, it has been mentioned in the report that Apple will pay a rent of around Rs 42 lakh every month for the Mumbai store. This means that the cost of retail space in Mumbai is lower than in Delhi.
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