Apple achieves milestone as India’s largest electronics retailer, raking in record sales at flagship stores

Months after opening its first retail stores in India, Apple has become the nation's leading electronics retail store in terms of sales. Industry insiders report that Apple's initial two proprietary stores in India have generated monthly revenues exceeding ₹22-25 crore each, surpassing the highest revenue recorded by any non-Diwali period electronics store in the country, reported Economic Times. 

Apple CEO Tim Cook attended the grand openings of the Mumbai and New Delhi stores, which took place on April 18 and April 20, respectively. 

The report highlights that according to executives, the Mumbai store located at Jio World Drive in Bandra Kurla Complex has quickly become one of the top 10 Apple-owned stores. On its first day, Apple BKC generated revenue exceeding ₹10 crore, surpassing the monthly earnings of some of the largest local electronics stores by ₹2-3 crore.

Reportedly, even during the festive occasion of Diwali, it is rare for these large stores to generate billings of ₹3-5 crore. However, the revenue per square foot is higher for the second store located in Select Citywalk mall, Saket, New Delhi. Although Apple Saket is smaller in size with an area of over 10,000 square feet, less than half of Apple BKC's 22,000 square feet, the revenues are nearly the same. Both stores attracted more than 6,000 visitors on their opening day.

According to one of the executives mentioned earlier, the two Apple Stores owned by the company in India are establishing new standards in terms of both total revenue and revenue per square foot. This achievement can be attributed to the significantly higher average selling price (ASP) of Apple products, which contributes to increased revenue. Furthermore, the stores continue to experience high footfall, remaining consistently crowded on any given day. As a result, the sales have surpassed Apple's internal projections by a considerable margin.

Furthermore, the report states that based on findings from IDC India, the average selling price (ASP) of iPhones in India during the calendar year 2022 was approximately $935-990 through offline channels and $890 for e-commerce platforms. With the recent inauguration of the two Apple-owned stores in India, it is anticipated that the overall ASP of iPhones will surpass $950 and exceed $1,000 for offline sales specifically, 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%.