Zara leases largest retail space at Mumbai’s Flora Fountain

Spanish fashion major Zara has leased 50,000 square feet carpet space in South Mumbai’s prime location Flora Fountain, making it the largest ever space transaction by any international retailer on high streets across the country. The space is located on the ground floor of Ismail Building, located diagonally opposite HSBC’s India head office.

The rent will be Rs 30 crore annually for a period of 15 years with a five-year lock in. Zara had been scouting for a place that was a mix of vintage and contemporary, and Flora Fountain fitted the bill. Interior work will begin in a few weeks.

In India, Zara outlets are operated by Inditex Trent, the joint venture between Spain’s Inditex and the Tata Group. Zara has 17 stores in India, the latest being opened in Hyderabad. In Mumbai, it has three stores which are all in malls. The one at Flora Fountain will be the first one on a high street. Already, the nearby areas of Kala Ghoda and Horniman Circle is home to several Indian and global luxury and designer brands including Hermes, Nirav Modi and Masaba Gupta.