The Apple Store in Mumbai was opened on April 18, and in New Delhi two days after that. CEO of Apple, Tim Cook, was present at the inauguration of both stores. The Mumbai store is in Jio World Drive, located at Bandra Kurla Complex. Apple BKC reported a first-day billing of more than Rs 10 crore, around Rs 2-3 crore more than some of the largest local electronics stores can do in a month, the ET report said.
Mumbai store and Delhi Store
The Mumbai store is double the store in Delhi, but the two stores generated similar revenues, ET reported. According to reports, the monthly rent for the store in BKC, Mumbai, is Rs 42 lakh, while the rent for the store in Sakte, Delhi, is Rs 40 lakh.
People aware of the industry trends were quoted in the report, which said that the two Apple stores could set new sales records because the average selling price (ASP) of Apple products is much higher. This leads to higher revenue, and given the following of the Apple brand, both stores remain crowded almost every day. The experts added that the sales from Apple Stores exceeded the company’s estimates.
Indian market and Apple
The Indian smartphone market is identified as price-sensitive, looking for the biggest bang for its buck. Given this background, it will be interesting to see if the two stores can sustain their sales numbers. A market expert said sales would obviously go up during an iPhone launch, and if Apple decides to allocate higher inventory to its stores, the sales at stores will only go up. This is significant since there was a higher demand and relatively low supply of iPhones at the time of launch.