Apple’s two new retail stores in the country have set new sales records clocking monthly sales of over ₹22-25 crore each, which is more than double the highest revenue for an electronics store during the non-Diwali period, according to industry insiders.
What Happened? Apple CEO Tim Cook inaugurated both stores in mid-April. The Mumbai store, located at the Jio World Drive in Bandra Kurla Complex, is now among the top 10 Apple-owned stores worldwide. Per an Economic Times report, this outlet saw over ₹10 crore in sales on opening day, surpassing the monthly sales of many local electronics stores.
Despite being half the size of the Mumbai store, the Select Citywalk mall store in Saket, New Delhi, generates almost equivalent revenue due to its higher per-square-foot earnings. Both stores attracted over 6,000 visitors each on their opening day.
An industry executive speaking to ET explained that these stores set new records due to Apple products’ high average selling price (ASP) and sustained foot traffic. This success has significantly exceeded Apple’s own internal sales projections.
In 2022, the iPhone’s ASP in India was $935-990 (₹77,100 – ₹81,630) through offline channels and $890 (₹73,380) online, according to IDC India. Navkendar Singh, IDC India’s associate vice president, expects the iPhone’s overall ASP to rise above $950 (₹78,335), potentially reaching over $1,000 (₹82,460) for offline sales in 2023.
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