New Delhi: Months after its entrance into the Indian retail market, Apple has emerged as the leading electronics retailer in terms of sales. The company’s two flagship stores in Mumbai and New Delhi have garnered significant attention and have outperformed all other non-Diwali period electronics stores in the country, as per reports.
Apple’s CEO, Tim Cook, personally attended the grand openings of both stores, which occurred on April 18 and April 20, respectively. Executives have noted that the Mumbai store, situated at Jio World Drive in Bandra Kurla Complex, has swiftly become one of the top 10 Apple-owned stores. On its inaugural day alone, Apple BKC generated revenues exceeding ₹10 crores, surpassing the monthly earnings of even some of the largest local electronics stores by ₹2-3 crore.
Remarkably, these large stores rarely achieve billings of ₹3-5 crore, even during the festive occasion of Diwali. However, the second store in Select Citywalk mall, Saket, New Delhi, boasts a higher revenue per square foot. Despite its smaller size of just over 10,000 square feet (less than half the size of Apple BKC’s 22,000 square feet), Apple Saket generates nearly equivalent revenues. Both stores attracted more than 6,000 visitors on their opening day.
Executives involved with Apple India state that the company’s two stores are setting new benchmarks for total revenue and revenue per square foot in the industry. This achievement can be attributed to the significantly higher average selling price (ASP) of Apple products, which contributes to increased revenue. Furthermore, the stores consistently experience high footfall, remaining crowded on any given day. As a result, sales have exceeded Apple’s internal projections by a substantial margin.
According to IDC India’s research, the average selling price (ASP) of iPhones in India was approximately $935-990 through offline channels and $890 for e-commerce platforms in 2022. With the recent opening of the two Apple-owned stores, it is expected that the overall ASP of iPhones will surpass $950, with offline sales specifically exceeding $1,000, as stated by Navkendar Singh, Associate Vice President at IDC India. It is important to note that these ASP figures do not include the applicable goods and services tax of 18%.