Apple will soon open its first stores in India. The company will launch outlets in Mumbai and Delhi this month. The Delhi store opens on April 20. According to documents accessed through CRE Matrix, the lease was signed in July 2022.
The Delhi store spans 8,417.83 sq ft. The Mumbai outlet measures nearly 20,000 sq ft. Both stores command similar rental values. The Delhi outlet is located at Select Citywalk Mall. The deal reflects strong demand for premium retail space.
Deal Details
The lease agreement was signed between Select Infra and Apple India. The lease tenure stands at 10 years. Apple also has an option to renew the deal for five years. However, the company must provide six months’ notice.
The Apple Delhi store carries nearly ₹40 lakh monthly rent. The rental value stands near ₹475 per sq ft. The amount excludes Common Area Maintenance charges. The agreement also includes a five-year lock-in period. Rentals will rise by 15 percent every three years.
Select Citywalk Continues Attracting Brands
Select Citywalk Mall remains one of Delhi’s leading retail destinations. The mall continues attracting international brands and flagship stores. Large retail spaces remain limited within premium malls. Strong footfall also supports higher rental values. Premium retail demand continues rising across major cities.
Most stores inside the mall range between 1,500 sq ft and 2,000 sq ft. Apple’s outlet is much larger than most retail units. Large-format stores improve customer experience and visibility. Global brands continue preferring premium retail destinations. Leasing activity also remains stable across top markets.
Premium Retail Leasing Stays Strong
Retail leasing activity continues improving after the pandemic period. Premium malls continue witnessing steady occupier demand. International retailers are actively expanding in India. Developers are also focusing on larger retail formats. Experience-driven stores continue gaining traction.
Consumers now prefer premium shopping destinations and flagship outlets. Organised retail demand remains strong across India. Long-term lease deals also show market confidence. Retailers continue targeting high-footfall locations. Premium assets continue attracting global occupiers.
Apple Strengthens India Retail Presence
Apple continues expanding its physical retail presence in India. The company is focusing on long-term growth opportunities. Large lease transactions continue shaping India’s retail market. Premium retail assets remain attractive for global brands. Leasing momentum is expected to stay strong in leading cities.
The transaction also highlights growing confidence in India’s retail sector. Developers continue upgrading retail infrastructure across markets. Consumers increasingly prefer organised retail destinations. Premium malls continue attracting flagship stores. India’s retail market continues witnessing steady expansion.
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