Apple opened its first two retail store locations in India last April, and the locations are said to have already generated the highest sales revenue of any electronics store in the country, according to a new report from The Economic Times.
Each Apple Store location – namely Apple BKC and Apple Saket – is estimated to have made monthly sales revenue of around $3 million each. The sales revenue is said to be at least twice as much as that of the highest non-Apple electronics store in India excluding the Diwali season, adds the report. Sources who spoke to The Economic Times state that the locations’ performance has “far exceed” Apple’s own internal projections.
The Economic Times claims that Apple BKC in Mumbai is now one of the top 10 best-performing Apple Store locations globally, with sales estimated to have reached over $1.2 million on the location’s inaugural day. To put that into perspective, the best-performing electronics stores in India typically post around $800,000 in sales during a whole month.
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The sales figures are even more impressive for Apple Saket in Delhi, adds the report. While both locations generate similar monthly revenue, Apple Saket’s area is estimated at 10,000 square feet compared to Apple BKC’s 22,000 square feet. Apple Saket’s sales per square foot are therefore double that of Apple BKC, and both locations are reported to have had over 6,000 unique visitors on their opening days.
The Economic Times notes that both retail locations are operated by Apple’s offices in London with no direct involvement from the India sales team. The sales are still accounted for through Apple’s entity in India named Apple India Pvt Ltd since it’s the entity that signed the rental leases for both locations. Apple Saket is said to cost the company fixed monthly rent, whereas Apple pays out 2% of all revenue from its BKC Store to the mall as part of the rental agreement.
