The reports state that the monthly rent of the store was Rs 2.25 crore with a deposit of Rs 13.5 crore
After nearly eight years of operation, fashion brand Zara has decided to close its flagship five-storey store at Hutatma Chowk in South Mumbai’s Fort area. A closure notice at the entrance notified the decision related to the store spread across 51,300 square feet.
As per the media reports, the store was situated in a heritage structure known as Ismail building where Zara opened the store back in May 2017. The reports added that the monthly rent of the store was Rs 2.25 crore with a deposit of Rs 13.5 crore.
The tenure for the lease was for 21 years, which was registered on 1 April 2016, as per the reports which also state that one of the core reasons for the closure was the inability of the store’s sales to keep up with the expense incurred on the rent. As far as the architecture is concerned, the reports stated that Zara’s in-house architecture team was working with local architects for around two years to restore the place before the opening.
The reports added that Zara, part of Inditex Group, marked its entry into the country with a joint venture with the Tata Group back in 2010. As far as the new tenant is concerned, luxury fashion brand Purple Style Labs has now leased 60,000 square feet of retail space in the building for around an annual rent of Rs 36 crore. The media reports also added that the brand has secured a five-year lease.
