India's first Apple retail store opens this month: 4.2 million rupees a month, requiring 22 brands, including Dell, not to enter the mall.
CTOnews.com, April 11 (Xinhua) India's first Apple Store will open later this month. According to the latest media The Economic Times report, an important condition for Apple to enter the Jio Drive Mall is that 22 competing brands are not allowed to enter the Jio Drive Mall.
It is reported that Apple and Jio Drive Mall have signed an exclusive agreement not to allow any brand classified as a "competitive brand" to display, sell or even promote its products or services in the exclusive area of the mall.
Surprisingly, Samsung, regarded as one of Apple's main competitors in the market, did not make the list. CTOnews.com has 22 competing brands as follows (for more information, please visit here):
Amazon
Bose
DELL
Devialet
Foxconn
Garmin
Hitachi
Hewlett Packard
HTC
IBM
Intel
Association
LG
Microsoft
Nest
Panasonic
Sony
Toshiba
It is reported that India's first Apple Store lease agreement lasts for 11 years, and Apple promises to pay at least 4.2 million rupees (CTOnews.com) a month for rent, as well as a 2% contribution to revenue in the first 36 months.
After that, it will increase to 2.5%. Rents rise by 15% every three years. It is said that the store, with an area of about 21000 square feet, is one of the largest Apple stores in the world.
Related readings:
"Apple will open its first official retail store in India: pictures of exterior walls released, opening this month."
