After Mumbai and Delhi, Apple to open third retail store in Bengaluru: Here's how much rent it will pay

Apple is preparing to open its third retail store in India, marking a significant step in its continued expansion across the country. Following the successful launch of outlets in Mumbai and Delhi last year, the tech giant has finalised a lease agreement for a new store in North Bengaluru’s Phoenix Mall of Asia, located in Hebbal.

The upcoming store will span approximately 7,997.8 square feet, which is comparable in size to the Delhi store at Select Citywalk, but notably smaller than the flagship Apple BKC in Mumbai’s Jio World Drive, which measures over 20,000 square feet. According to a Business Standard report, Apple has signed a 10-year lease for the space, with rent payments of ₹2.09 crore annually (₹17.4 lakh per month) beginning in August 2025. The lease officially commenced in November 2024.

In addition to fixed rent, the agreement includes a performance-based revenue-sharing clause. Apple will pay 2% of store revenues for the first three years and 2.5% thereafter, capped at twice the annual guaranteed rent. The company has also paid a security deposit of over ₹1 crore, with both rent and deposit escalating by 15% every three years, Business Standard reported.

Sparkle One Mall Developers own the property, and the lease includes an exclusivity clause prohibiting competitors from leasing nearby spaces within the mall.

Phoenix Mall of Asia, spread across 13 acres with 1.2 million square feet of retail space, is poised to become a major shopping destination in Bengaluru. Developed by Phoenix Mills, the group operates 12 malls across eight Indian cities and is building an additional 5 million square feet of retail space.

The Bengaluru store forms part of Apple CEO Tim Cook’s broader strategy to expand retail operations in India, which he called a “major growth market” during the company’s recent earnings call. The company has already begun hiring for new stores in line with its retail expansion plans.

Apple is simultaneously strengthening its operational base in Karnataka. Its manufacturing partner, Foxconn, is setting up an iPhone production facility in Devanahalli, just north of Bengaluru. The upcoming store and nearby manufacturing plant signal Apple’s growing commitment to the region, already influencing local real estate markets as developers market proximity to the Foxconn site.

Apple’s Indian retail journey began in 2023 with the opening of Apple BKC in Mumbai and Apple Saket in Delhi. The Business Standard report noted that the Bengaluru store matches the Delhi store in size, though it falls short of the scale of Apple BKC.

Looking ahead, Apple is reportedly planning four more stores across India, targeting cities such as Pune, Delhi NCR, Mumbai, and an additional location in Bengaluru.