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Apple is all set to open its first-ever retail store in India later this month. Ahead of the opening, a new report from The Economic Times has revealed that Apple has demanded 22 rival brands to stay away from the Jio Drive Mall, the place where it is opening its first exclusive store in India.
According to the report, Apple has signed an agreement with the mall owner to not allow any of the brands listed as “Competing Brands” to display, sell, or even advertise their products or services within the boundaries of the shopping center’s exclusivity zone.
The list of 22 companies that cannot operate in the “exclusive zone” near Jio Drive Mall, India, includes Amazon, Bose, Dell, Devialet, Facebook, Foxconn, Garmin, Google, Hitachi, HP, HTC, IBM, Intel, Lenovo, LG, Microsoft, Nest, Panasonic, Sony, Toshiba, and Twitter. Surprisingly, Samsung, which is regarded as one of Apple’s main competitors in the market, has not made it to the list.
According to the reports, Apple has signed an 11-year lease agreement. As part of the agreement, the company will ensure a minimum monthly payment of Rs. 42 lakhs (~$51,300) and a 2% revenue share contribution for the first 36 months, which will increase to 2.5% thereafter. The rent will rise by 15% every three years. The store is said to be around 21,000 square feet in size, making it one of the largest Apple stores in the world.
India is emerging as a crucial market for Apple, with the country projected to be a significant contributor to the company’s revenue in the near future. To strengthen its presence in the country, Apple has set up several assembling plants, with more in the pipeline. In a sign of the company’s commitment to the Indian market, reports suggest that Apple CEO Tim Cook will attend the opening of its first retail store in the country.
Source: The Economic Times
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