Apple reaches milestone as India's top electronics retailer by generating record sales at its flagship locations

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 US$ 2.66-3.03 million (Rs. 22-25 crore) each, surpassing the highest revenue recorded by any non-Diwali period electronics store in the country, reported Economic Times.

According to company executives as mentioned in the report, the Mumbai store located at Jio World Drive in Bandra Kurla Complex has quickly become one of the top 10 Apple-owned stores. The day one revenue at Apple Bangalore exceeded US$ 1.21 million (Rs. 10 crore) surpassing the monthly earnings of some of the largest local electronics stores by US$ 242,000- 363,000 (Rs. 2-3 crore).

According to International Data Corporation India reports, it is unusual for these big establishments to earn billings of US$ 363,000-606,000 (Rs. 3-5 crore), even on Diwali. The second store, which is situated in Saket, New Delhi's Select CityWalk mall, has a greater revenue per square foot. The revenues are about the same, despite Apple Saket's lesser size of over 10,000 square feet, which is less than half of Apple Bangalore’s 22,000 square feet. On the day of their opening, more than 6,000 people visited both locations.

As per the company executives, these two Apple stores owned by the company in India are setting new standards in terms of revenue as well as revenue per square foot. This achievement is attributable to the significantly higher average selling price (ASP) of Apple products which eventually contributes to increased revenue. The stores continue to have considerable foot traffic and are consistently packed every day. As a result, the sales have significantly outperformed Apple's internal forecasts.

During the calendar year 2022, the ASP of iPhones in India were approximately US$ 935-990 though offline channels and US$ 890 for e-commerce platforms. As new stores have been opened in India, it is anticipated that the overall ASP of iPhones will surpass US$ 950 and exceed US$ 1,000 for offline sales specifically says Associate Vice President of International Data Corporation (IDC) India, Mr. Navkendar Singh.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.