Apple Expands Retail Presence with New Bengaluru Store at Phoenix Mall of Asia

Apple is preparing to open its third official retail store in India, this time in Bengaluru, as part of its ongoing expansion in one of the company’s fastest-growing markets. The store will be located in the soon-to-be-launched Phoenix Mall of Asia in Hebbal.

According to Business Standard, Apple has signed a lease agreement for a prime retail space on the first floor of the new mall. The store’s size is expected to match that of Apple’s Delhi outlet in Select Citywalk Mall, though it will still be smaller than the flagship Mumbai store at Jio World Drive, which spans over 20,800 sq ft.

As per the lease terms, Apple will pay a base rent of Rs 2.09 crore annually—approximately Rs 17.4 lakh per month—along with a revenue-sharing component of 2% for the first three years and 2.5% thereafter, capped at double the base rent. Apple has also deposited Rs 1.046 crore as a security amount. The lease includes a 15% rent escalation every three years.

The Bengaluru store comes as Apple doubles down on physical retail in India, following its first two outlets at Mumbai’s BKC and Delhi’s Saket. During a recent earnings call, Apple CEO Tim Cook confirmed that more stores are in the pipeline, with cities like Pune, additional locations in Delhi NCR, and further expansion in Mumbai under consideration.

The store will be housed in the expansive 13-acre Phoenix Mall of Asia, which boasts 1.2 million sq ft of retail space. To maintain exclusivity, the mall operator has reportedly agreed not to lease adjacent spaces to competing tech brands within a designated zone around the Apple store.

This move underscores Apple’s commitment to strengthening its presence in India, where it has been witnessing record sales and growing demand for its products.