Zara shuts Mumbai flagship store, Purple Style Labs leases space for ₹3 crore monthly rent
1 month ago

Zara shuts Mumbai flagship store, Purple Style Labs leases space for ₹3 crore monthly rent

Live Mint  

Spanish fashion brand Zara closed its Mumbai flagship store, located in the over 100-year-old heritage Ismail building at Hutatma Chowk, South Mumbai. Purple Style Labs, the new tenant Luxury fashion brand Purple Style Labs has now leased 60,000 sq ft of retail space in the same iconic building for an annual rent of ₹36 crore, securing a five-year lease, as per property registration documents obtained by Propstack.com. The monthly rent for the store is ₹3 crore, which translates to ₹36 crore annual rent for the first year. High rentals Reports suggested that the monthly rent for Zara's five-storey store in Mumbai was ₹2.25 crore, with a deposit of ₹13.5 crore.

Mumbai Lease Crore Store Rent Zara Monthly Rent Registration Documents Purple Style Labs  registration  documents  space  store  mumbai  lease  purple  crore  shuts  zara  style  rent  leases  monthly  labs

History of this topic

Zara Shuts Iconic South Mumbai Store After 8 Years
1 month ago

Zara Shuts Iconic South Mumbai Store After 8 Years

Deccan Chronicle  

Spanish fashion brand Zara has closed its flagship store in South Mumbai’s Fort area after eight years of operation. The sudden closure has sparked discussions online, with a notice posted at the store’s entrance going viral on social media. While the brand has maintained strong sales across India, rising rental costs in prime locations have led to strategic changes in …

Zara’s ₹3 crore a month rent in 119-year-old Mumbai building stuns internet as it shuts store: ‘Are you kidding me?’
1 month ago

Zara’s ₹3 crore a month rent in 119-year-old Mumbai building stuns internet as it shuts store: ‘Are you kidding me?’

Hindustan Times  

Spanish fashion brand Zara has closed its iconic SoBo store in South Mumbai's Fort area after eight years. Zara's iconic store in Mumbai shuts down after eight years. Viral notice on social media: "Please be informed that this Zara store will cease operations after the end of business on February 23. Even though located in a corner, Mumbai rentals are …

Zara was paying ₹3 crore monthly rent for iconic Mumbai store
1 month ago

Zara was paying ₹3 crore monthly rent for iconic Mumbai store

Hindustan Times  

Fast-fashion brand Zara has shut down its flagship store in South Mumbai's historic Ismail Building, as it could not afford the rental costs associated with the prime retail space. Zara leased the space in 2017, for an astonishing ₹2.25 crore per month in rent for the 51,300 sq ft space, amounting to ₹27 crore annually, as per details sourced from …

Zara shuts flagship South Mumbai store, new tenant Purple Style Labs to pay rent of ₹10 lakh a day
1 month ago

Zara shuts flagship South Mumbai store, new tenant Purple Style Labs to pay rent of ₹10 lakh a day

Hindustan Times  

Zara has shut its only independent store in the 118-year-old heritage Ismail building at Flora Fountain, South Mumbai. Luxury fashion brand Purple Style Labs has now leased 60,000 sq ft of retail space in the same iconic building for an annual rent of ₹36 crore, securing a five-year lease, as per property registration documents obtained by Propstack.com. Mumbai retail news: …

Zara shuts down flagship store in South Mumbai; here’s why it was iconic
1 month ago

Zara shuts down flagship store in South Mumbai; here’s why it was iconic

Live Mint  

After 8 years in a pre-colonial building in South Bombay, the ‘iconic’ 5-storey flagship Zara store has closed its doors because the brand could no longer afford the ₹3 crore in monthly rent. Housed in the 119-year-old Ismail Building at Flora Fountain in the Fort district in Mumbai, the Spanish luxury fashion brand's flagship store, sprawling over 51,300 square feet, …

Clothing brand Zara can’t afford its store at Fort anymore
1 month ago

Clothing brand Zara can’t afford its store at Fort anymore

Hindustan Times  

MUMBAI: Spanish retail brand Zara has shut its store at the Edwardian neoclassical Ismail Building at Flora Fountain in South Mumbai. On Monday, a sign at the store’s doorstep stated, ‘Please be informed that this Zara store will cease operations after the end of business on 23rd February…’ The Spanish fashion brand Inditex has a joint venture with the Tata …

Zara shuts ‘iconic’ 5-storey outlet in South Mumbai after 8 years
1 month ago

Zara shuts ‘iconic’ 5-storey outlet in South Mumbai after 8 years

Live Mint  

Fashion brand Zara has reportedly shut its ‘iconic’ SoBo store in South Mumbai's Fort area after eight years. We will continue to assist you all at our Zara stores in Mumbai and at Zara.com/in.” Notably, according to a report by the Times of India, Inditex Trent shelled out an exorbitant ₹30 crore rent annually in 2017, with a five-year lock-in …

Zara owner Inditex to close up to 1,200 fashion stores around the world
4 years, 9 months ago

Zara owner Inditex to close up to 1,200 fashion stores around the world

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about …

Discover Related