A heritage structure in the Hutatma Chowk neighborhood of south Mumbai will soon house the country’s largest shop space on a high street for a foreign company.
Details on Zara’s largest outlet is located in Mumbai’s Fort area and pays a monthly rent of 2.5 crore
Zara, the Spanish clothes and accessories company, has acquired on lease 50,000 square feet of carpet in the Ismail building in what is being billed as the largest transaction of its kind in this area. Zara would pay Supariwala Exports, the building’s owner, roughly Rs 2.5 crore every month in leasing fees. The monthly rent is more than Rs 450 per square foot.
Zara will build a new store at the Ismail Building near Flora Fountain, much to the delight of south Mumbai’s shoppers. Renting the space costs nothing less than 30 crores per year, with a minimum five-year lock-in period. According to reports, this is the greatest offshore space-related transaction by a high-street brand.
The 50,000-square-foot location will undoubtedly result in satisfied clients who return to the business on a regular basis. In terms of making the monthly rent of 2.5 crores, it is apparent that the retailer’s expected monthly sales would not disappoint.