Apple's Bengaluru store rent payments to start August 2025 under 10-year lease

Apple is set to expand its retail footprint in India with a new store in Bengaluru's Phoenix Mall of Asia, marking its third retail outlet in the country after Mumbai and Delhi.

The company has signed a 10-year lease for a 7,997.8 square foot space, with the lease officially commencing on November 8, 2024. However, rent payments will begin from August 8, 2025.

"The annual rent is set at ₹2.09 crore," according to details revealed by real estate platform Propstack.

The lease agreement also includes a revenue-sharing model, where Apple will pay 2% of revenue for the first 36 months, increasing to 2.5% thereafter.

This move is part of Apple's broader strategy to increase its presence in India, with plans to open four more stores across Delhi NCR, Mumbai, Pune, and Bengaluru, complementing its existing Apple BKC and other outlets.

The Bengaluru store is expected to strengthen Apple's retail network in India, catering to the growing demand for its products in the region.

"Apple is expanding its retail presence in India with a new store in Bengaluru's Phoenix Mall of Asia, leasing nearly 8,000 square feet for ten years," a source said.

The lease terms reflect Apple's long-term commitment to the Indian market, combining fixed annual rent with a revenue-sharing component to align interests with the mall's management.

This strategic expansion underscores Apple's confidence in India's growing consumer base and the importance of physical retail stores in its sales and marketing strategy.

Apple has signed a 10-year lease for nearly 8,000 square feet at Bengaluru's Phoenix Mall of Asia, with rent payments starting August 2025. The annual rent is ₹2.09 crore, including a revenue-sharing model of 2% for the first 36 months, rising to 2.5% thereafter.