Apr 13, 2016
Zara leases largest retail space by international brand in India
Apr 13, 2016
Zara has agreed to take on a 50,000 sq ft retail space in Mumbai in the largest space transaction ever signed by an international retailer in India.
According to local media reports, the store will be located in South Mumbai in the heritage Fort area, a stone’s throw from the tourist attraction Flora Fountain. There, a four-level building opposite HSBC’s Indian headquarters will house the new Zara store.
The 15-year lease will cost the retailer 300,000,000 Indian rupees per year (about $4.5 million at current exchange rates).
Inditex’s Indian business is operated through a joint venture with Tata Group. The company’s store portfolio includes nearly 17 locations in several shopping centers across India. The last Zara store to open its doors launched in Hyderabad in August last year.
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