Apple to invest Rs 1,000 crore retail plan in stores
By MYBRANDBOOK
Apple has told government officials that it has the plans to invest Rs 1,000 crore in setting up its online selling platform, and opening three of its iconic retail stores across major cities over the next two to three years. In a statement, the company welcomed the government’s move and said that it is working on plans to set up its first company-owned retail store, besides setting up its own online store.
"We look forward to one day welcoming customers to India’s first Apple retail store. It will take us some time to get our plans underway and we’ll have more to announce at a future date,” Apple said. “We love our customers in India and we’re eager to serve them online and in-store with the same experience and care that Apple customers around the world enjoy,” the company said.
The government has also eased on the rules for the foreign direct investment (FDI) around Single-Brand Retail Trade (SBRT) by allowing exports and contract manufacturing to be counted in the mandatory 30% local sourcing norm over a period of five years. The government also allowed foreign single brand companies to sell directly via webstores, irrespective of a brick-and-mortar store presence.
Sources said, each store of Apple is likely to be of 25,000 Sqft and it will look like a mini-mall. where people walk and get an experience of the Apple world, typically spend about half an hour to 45 minutes, then go back to the small retailers or online channels through which they can get some discounts since Apple never really discounts products. However, these stores will give Apple complete control over the experience of their customers and take ownership of a customer’s journey”.
Apple plans to sell directly to Indian consumers first through its own online store - which is easy to execute given its existing global template - while working on opening retail stores, which will involve time and larger investments.
Sources said, Apple is now having tough time in India, with the competitions from SAMSUNG and other Chinese brands including XIAOMI and One Plus are offering with very much competitive pricing. Recent SIRI, vulnerability has changed many person perception on APPLE products.
Apple want to increase the market share in India from just 1% and the government has previously rejected proposals to permit reselling of refurbished phones, which would have helped Apple lower price of its devices.
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