Apple's premium reseller, Imagine, has shut shop nine years after opening a store in south Delhi's Saket, where the technology giant opened its second store in the country.
According to an executive, the mall operator did not renew Imagine's lease as it believed the company-owned store would perform better and there was no need for another company to sell the same brand.
There are about half-dozen authorised Apple resellers in India who provide customers with extra cashback and discounts on product purchases. The mall operator informed the store owner that the lease would not be extended, people privy to the matter told ET.
Another person said that most retailers have a nine-year lease, with rent escalation every three years. When a lease for a premium brand expires, mall operators typically renew it. The Imagine store would have remained open had Apple established a flagship store somewhere else in Delhi.
Select Infrastructure Private Limited signed the lease with Apple in July 2022 and communicated to Imagine afterwards, implying that the lease would not be extended despite the store's success.
Apple specified in the contract a list of 20 brands that cannot open a store near it. The brands include Amazon, Bose, Devialet, Facebook, Foxconn, Alphabet/Google, Huawei, Intel, Lenovo, LG, Microsoft, Nest, Nokia, Panasonic, Samsung, Sony, Vivo, Xiaomi, Oppo and OnePlus. The premium reseller was not even on the list of brands.