With 2 stores, Apple becomes India’s biggest electronics retailer
Local reports claim Apple in India is already generating millions at its stores.
WWDC is coming bringing new Macs, operating systems, a mixed reality solution and a couple of surprises. Meanwhile, in India, Apple’s brand new retail stores are turning over $2.7 million a month, local reports claim.
The bet that wins
Apple CEO Tim Cook described India as being at an “inflection point” when he visited India to open Apple’s first retail stores in Delhi and Mumbai. Now it seems they are generating monthly sales of Rs 25 crore a month each, which is about $2.7 million, or c.$65 million between them both each year. The store in Mumbai got to Rs 10 crore. (call it a million dollars) on the first day’s trading.
That’s a lot of money for retail in India. Reports claim this is about twice the magnitude of sales you usually get at electronic stores in the nation, and it’s not even Diwali yet, when sales shoot to the sky.
The result?
Apple is India’s biggest electronics retailer
Apple is now the biggest electronics retailer in India by revenue.
No wonder Wedbush analysts predict India could generate an additional $20 billion in revenue for Apple each year.
Regular Apple watchers already know the company has form on this. It’s retail stores are among the most successful stores on the planet, generating eye watering revenue per square foot.
It looks as if the company has really tapped in on this ‘vibe’ with its India locations, where pent up interest in the brand and a positive reception to the work the company is doing to build business – and manufacturing – in the country seems to have struck a happy nerve.
What next?
Well, Apple will introduce new Macs next week, and it will be interssting to see the extent to which this stimulates interst in the company’s products.
You can also anticipate big interest in new smartphones and headsets from the company, while Apple’s TV products should chime well in a market in which TV viewing is switching swiftly to broadband streaming services. A few Bollywood endorsements wouldn’t go amiss, methinks.
“India is at a tipping point,” Cook told Economic Times. “You can just feel the vibrancy, the dynamism, the feeling that anything here is possible. And it’s so great to be a part of it. It feels so great to be back.”
Apple is expected to open a third store in India in the next few months.
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