Ahead of the official launch, however, an interesting new report has emerged, which highlights how the campus is going to be heavily dominated by the brand, and that competing brands will be looking to open shops or advertise their products anywhere. Will not be able to. Store. The lease related information of this soon-to-open retail store has surfaced online, due to which this information has come to the fore.
Apple BKC Mumbai store won’t allow competing brands to open shops near its premises
agreement accessed by data analytics firm CRE Matrix (separately assessed by Economic Times), 22 companies that are considered “competing brands” will not be able to advertise or open shops near Apple’s first store. Brands Included Amazon, Facebook, Dell, Sony, Twitter, LG, Google, Microsoft, Lenovo, Nest, Panasonic, Devialet, Foxconn, Gamin, Hitachi, HP, HTC, IBM, Intel, and Toshiba. Apparently the space leased by Apple will remain exclusive to the brand and while the report highlights only 21 brand names, the rumor mill suggests that the last one could be Samsung.
In addition, the agreement states that Apple has a lease with the Mumbai mall over 11 years with a 15 percent rent increase provision every three years. The company is reportedly going to make a “payment”Minimum Guaranteed Rs.42 lakh per month. In addition, Apple will pay 2 percent of revenue to Mumbai Mall for three years and 2.5 percent after three years until the end of the lease agreement.
Although the long list seems a bit unusual, anchor stores usually ask for such exclusions from competing brands, to which landlords usually agree. Also, the move shouldn’t surprise anyone, given that Apple is eyeing the prospect of gaining more customers in India, and ideally wants as little competition as possible in the retail market.
After opening the first retail store, Apple is set to open another one at Citywalk Mall in Saket in Delhi, but the second one will be relatively smaller at around 10,000 sq ft.
