Apple leases 8,000-sq ft unit in Bengaluru for third India store

Tech major Apple has leased 8,000 square feet of retail space at Bengaluru’s Phoenix Mall of Asia for its third outlet in the country, industry sources have told FE. It will pay an annual rent of about Rs 2.09 crore — Rs 17.4 lakh per month — with a revenue share of about 2% for the first three years of operation, sources said. The revenue share is likely to increase to about 2.5-3% of its top line thereafter. The lease agreement is for about 10-11 years, sources said.