Monthly sales of Rs 25 cr each! Apple’s India stores hit it out of the park

The new Apple stores in Delhi and Mumbai generated monthly sales of more than Rs 22-25 crore each, The Economic Times (ET) reports. Industry experts said the figure was nearly double the sales of an electronics store in the country during a period other than Diwali. This makes the Apple Store the largest electronics retailer in the country by revenue.

The Apple Store opened in Mumbai on April 18, and in New Delhi two days later. Apple CEO Tim Cook was present at the opening of both stores. The Mumbai store is located on Jio World Drive, in the Bandra Kurla complex. Apple BKC reported first day bills of more than Rs 10 crore, about Rs 2-3 crore more than what the largest local electronics store can do in a month, ET The report said.

Even during peak festive season, big e-stores in India can generate sales of Rs 3-5 crore at their best. This indicates the popularity and demand for Apple devices despite their high prices.

Mumbai store and Delhi store

However, considering the revenue generation per square foot, the store in Saket, New Delhi, takes the cake. The Apple Saket is over 10,000 square feet, as big as it gets, but it’s less than half compared to the store in BKC, Mumbai, which is 22,000 square feet.

The Mumbai store is twice the size of the one in Delhi, but the two stores generated similar revenue, ET reported. As per reports, the monthly rent for the shop in BKC, Mumbai is Rs 42 lakh, while the shop rent in Sakte, Delhi, is Rs 40 lakh.

How does Apple do that?

People familiar with industry trends were quoted in the report, which said that two Apple Stores could set new sales records because the average selling price (ASP) for Apple products is much higher. This increases revenue, and given the following from the Apple brand, both stores remain crowded almost every day. Experts added that sales from Apple Stores exceeded the company’s estimates.

Associate Vice President of market research firm IDC India, Navkendar Singh, says ASP for iPhone in India in 2022 was $935-990 through offline channels; The figure was $890 for online sales. With two Apple Stores in the picture, the total ASP price for the iPhone is likely to be over $950. This figure is separate from the 18% GST applied to smartphones.

Indian market and Apple

The Indian smartphone market has been identified as being price sensitive, looking for the biggest bang for the buck. Given this background, it will be interesting to see if the two stores can maintain their sales numbers. One market expert said that sales will obviously go up during the iPhone launch, and if Apple decides to allocate higher inventory to its stores, sales in stores will only go up. This is significant since there was higher demand and relatively lower supply of iPhones at the time of launch.