Zara – The largest retail clothing chain for men and women, has signed up a deal of around 50000 sq.ft Carpet Area in Fort, South Mumbai.
This kind of a deal brings back the faith and a new emerging trend for large retailers, who till date have been picking up flagship stores in large Malls across the city.
Zara currently has 3 stores in Mumbai and this New Iconic Store in Fort is poised to become a Landmark in South Mumbai and more so a New Tourist spot. This will give impetus to fresh round of retail activity in the Fort, Colaba district which has seen a slow down over the years due to the emergence of newer neighborhoods like Lower Parel, Worli etc in South Mumbai. With ample car parking space in Fort available on the weekends, this Zara store is going to be on the weekend TO DO list of many of us.
With an annual rent of Rs.30 Crores and a monthly rent of Rs.2.50 Cr, the lease rent per month works out to be Rs.500/- per sq.ft as per the figures currently available.