NO-entry of 22 brands near Apple Store in Mumbai: Along with Google-Facebook and Amazon, 19 brands will not be able to open stores, advertising will also be banned.

Tech company Apple is soon going to open its first flagship retail store ‘Apple BKC’ in India. This store will open in Reliance Industries Chairman Mukesh Ambani’s Jio World Drive Mall. This mall is located in Bandra Kurla Complex, Mumbai.

According to The Economic Times report, 22 competing brands will neither be able to open their stores nor advertise around this Apple store. Quoting information analytics company ‘CRE Matrix’, the report said that for this, an exclusive lease agreement has been signed between Apple and World Drive Mall.

Apple will pay Rs 42 lakh per month as rent

According to the report, Apple has an exclusive lease agreement with World Drive Mall for 11 years. The company’s store will be in 20,800 square feet of this mall, for which Apple will pay a rent of Rs 42 lakh every month. This rent will increase by 15% every three years. Also, the company will share 2% of the revenue for the first three years. Thereafter, the revenue share contribution will increase to 2.5%.

These brands will not be able to open stores

Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxkorn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, Panasonic, Toshiba, Samsung (Expected)

Apple will open store in New Delhi after Mumbai

As per reports, after opening India’s first store at Mumbai’s Jio World Drive Mall, the second store will be opened in New Delhi. However, the New Delhi store will be smaller as compared to Mumbai.