Spanish fashion brand Zara is planning to open larger store of 30,000-50,000 sqft across country. Recently, the brand opened a store in Fort area of Mumbai. It is also the company’s largest store in India, covering five floors and a total of 51,300 sq ft. Its older stores have an average size of 20,000 sq ft.
“Globally we are not opening many stores. We are opening larger stores. This is somewhat you can expect in India as well,” said a spokesperson following the store opening in Mumbai.
"This is a global trend. We feel our customers are more comfortable in larger stores. There is more on offer, spaces are wider and customers like that. The larger stores would bring in more customers and hence more business. We normally open two to three stores every year in India and that pace will continue," said Jesus Echevarria, chief communications and corporate affairs officer of Inditex, owner of Zara.
Zara signed a lease rental deal for the Fort store in Mumbai. It will pay annual rent of Rs 30 crore to Supriwala Exports, the owner of the heritage building. Zara which opened its business in India in 2010 now has 20 stores under it. Zara entered India through a joint venture with Tata Group’s retail arm Trent Ltd in 2010.
Zara will soon start its online sales in India. It will be launching its online portal by the end of the year. The brand is at present available in eight cities in India. Opening up sales online will give it access to more markets where malls and high streets are still underdeveloped.
"We will be dealing online through our own page in India by the end of the year. It will be a fully integrated store and online model," said Echevarria.
The Spanish brand, Zara is one of the fastest growing apparel brands in India and had revenue of Rs 842.57 crore in the year 2016, up 17% from the previous year.
Zara owner Inditex SA, the world’s largest fashion retailer said that India is one of the fastest growing markets for the Spanish fashion retailer in Asia. India’s apparel market is expected to grow at 12% to $67 billion in 2017 from $60 billion in 2016.
May 08, 2017