This story was originally published on the Benzinga India Portal.
Apple Inc’s AAPL two new retail stores in India have set new sales records clocking monthly sales of over $26-30 million each, 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. According to a report by the Economic Times, this outlet generated over $12 million in sales on opening day, surpassing the monthly revenues 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.
Industry insiders attribute the record-breaking success of these stores to the high average selling price (ASP) of Apple products and the consistent foot traffic. This achievement is reported to have significantly surpassed Apple’s internal sales projections.
In 2022, the iPhone’s ASP in the US was $935-990 offline and $890 online, according to IDC. Navkendar Singh, IDC’s associate vice president, expects the iPhone’s overall ASP to increase to above $950, potentially reaching over $1,000 for offline sales in 2023.
Photo courtesy: Apple