Apple has signed a lease for a 12,616-square-foot retail space in Sky City Mall, Borivali East, Mumbai. This will be the company’s second store in the city, roughly 13 miles north of the flagship Apple BKC. It opened in April 2023. The lease, signed with Incline Realty, spans 10 years and 10 months, with the first 10 months rent-free.
After the rent-free period, Apple will pay a minimum monthly rent of ₹17.35 lakh (approximately $21,000). The estimate is based on a rate of ₹138 per square foot. For the first 42 months, it will also pay a 2% quarterly revenue share, increasing to 2.5% thereafter. This aligns with retail leasing norms in the area.
India Retail Strategy Kicking Off
The Borivali store marks another step in Apple’s retail strategy for India, a market where in-store presence has become central to its expansion. According to The Hindu Business Line, Apple secured the space as part of a broader plan to deepen its market presence, following the successful openings in BKC Mumbai and Saket Delhi.
Real estate firm CRE Matrix, which reviewed the lease, said the arrangement reflects Apple’s commitment to long-term investment in India’s retail ecosystem. The Sky City Mall location is part of Apple’s effort to expand beyond high-end urban centers and reach new consumer bases in growing suburbs.
Retail Growth Matches Manufacturing Push
Apple’s retail growth parallels its manufacturing investments. The company started building iPhones in India in 2017 and continues to ramp up production. Last month, it was reported that Apple is moving ahead with plans for a new $2.56 billion Foxconn plant near Bengaluru. The strategy is not without criticism. Former U.S. President Donald Trump recently voiced disapproval of Apple’s shift to Indian production, urging CEO Tim Cook to focus on U.S. manufacturing.
Still, Apple’s India business is growing fast. Reports suggest that its two existing stores already contribute nearly 20% of the company’s total sales in the country. With more stores planned and manufacturing on the rise, Apple is doubling down on its India playbook.
