Apple Stores earn big in India: iPhone maker earns Rs 22-25 crore, pays only Rs 40 lakh rent

Apple CEO Tim Cook inaugurated the first Apple stores, Apple BKC and Apple Saket, in India. The two stores have combined witnessed monthly sales of Rs 44-50 crores, reported Economic Times. Interestingly, Apple is paying a monthly rent of Rs 40 and Rs 42 lakh for its Delhi and Mumbai store, respectively.

Two industry experts have revealed that this figure is twice as high in comparison to the revenue of any electronics store in India, during a non-Diwali period. With this number, Apple Store becomes the highest electronics retailer in India in terms of revenue.

The report reveals that Apple BKC saw a sale of Rs 10 crore on the first day of its launch. A large electronics store makes somewhere around 7-8 crore a month.

Also Watch: Apple CEO Tim Cook opens India’s first Apple Store, Apple BKC, in Mumbai

Apple BKC, Apple Saket footfall soared revenues

As per the report, even though Apple Saket is smaller in size (around 8,500 sq ft), it performed far better than the Mumbai store (around 22,000 sq ft) in terms of per-square-foot revenue. Despite the huge area difference, both Apple Stores recorded similar monthly sales. The two stores were reported to have witnessed a footfall of over 6,000 people each on their opening day.

How did Apple manage to have high sales in India?

The report suggests that the two stores set new records because their average selling price (ASP) is much higher, compared to other brands. Since the stores saw huge footfall since their opening, it translated to high revenues. As per the experts, these numbers even exceed the company’s estimates.

Apple declined to comment on the sales revenue of the two newly opened stores in India.

Watch: Nothing Phone (2), Galaxy S23 FE, Oppo Reno 10, OnePlus Nord 3 and other expected smartphone launches for June 2023

Watch: Stocks buzzing at share market on June 1, 2023: Bajaj Auto, Cyient, Sobha, Westlife Foodworld, others

Also WATCH: Push-ups on moving car in Gurugram, bathing on bike and other unusual acts on the road which led to Police action

Watch: LPG cylinder price to Aadhaar update: Eight changes, deadlines, and price hikes to watch out from June 1, 2023

Also Read: 

Elon Musk is the world's richest person, again

Indore girl wins Apple Swift Student challenge, creates app to strengthen eye muscles