Since its establishment in 1976, Apple has always been one of the most innovative companies in the world. Although the company’s initial days were not very great, now the brand is running havoc around the globe. For Apple, India was one of the biggest markets for their iPhones and other accessories, but there was no brand retail store in the country. On April 18 Apple opened its first premium retail store in the country in Mumbai, in the famous Bandra Kurla Complex (BKC), and on the very next day opened up its 2nd store in Delhi.
The Event: With the CEO
The opening of the store itself was a very big day towards its expansion in India. Apple CEO, Cook himself was present for the opening of the store in Mumbai. Many Apple fans were present at the event and some of them got a chance to click some selfies with Mr. Cook.
Several Bollywood stars gathered under one roof to celebrate the grand opening of Apple’s first retail store in Mumbai, including Mouni Roy, Shilpa Shetty, Raveena Tandon, AR Rehman, Neha Dhupia, and Boney Kapoor.
About the Store
Apple store in Mumbai is running on 100% renewable sources of energy and operational as a carbon neutral facility, they get their energy from the solar array and do not rely on fossil fuels.
The Architectural inspiration reportedly is taken from the taxis running in the lap of the city and gives you a very premium feel.
Apple reportedly has to pay a whopping sum of 44 lakhs per month for the space and an additional 3% of the revenue as rent for 3 years and after that it’ll increase again.
What does it mean?
The opening of the Apple Store in India represents a significant step forward in the company’s global objectives regarding expansion. With its large population and expanding middle class, India has long been a vital market for IT businesses. Until now, Apple had to rely on third party distributors for the supply and selling of the products in the country. The establishment of the Apple store means that Apple can now offer a wide range of products and services directly to customers eliminating any need for intermediaries.
Also, the opening means that premium Apple customers don’t have to wait for extra for its products they can get them on the very same day as the rest of the world, without waiting. It would provide as premium experience to most of the customers
Plans for the Future: Aim
The opening of the retail store clearly signifies Apple’s effort to expand its retail presence in India. India is the biggest market for smartphones so every company knows if they want huge growth, they need to improve their market share in India. Currently, 95% of the market is taken by smartphones based on Google’s Android because it’s cheaper and affordable to most people.
Despite the domination by Android, the trend is shifting in India as well, many people now prefer to buy the smartphone from the premium range which is over 40,000 rupees. Many experts believe it’s a very good marketing strategy for branding but it won’t produce an immediate effect as of today.