Inditex acquires New York property for new Zara store
A new Zara store will rise in Inditex’s newly acquired 4,400-square metre commercial property in the heart of New York’s SoHo Cast Iron Historic District, one of the world’s best known shopping districts.
The new store, to be located in a building at 503-511 Broadway, between Broome and Spring Streets, complements recent flagship store openings by Inditex in the US market.
The company said it has invested USD280 million to acquire the property, but its store opening strategy remains focused on leased properties, while the commercial thrust is still to further enhance the integrated store & online sales model.
“This opening marks a very significant milestone in the Group’s US growth strategy,” said Inditex’s Chairman & CEO, Pablo Isla. “The growth model for the US market consists of a combination of flagship store openings and online sales growth underpinned by strong support from American shoppers.”
By the end of 2015, including the stores on Broadway on the Upper West side, at 666 Fifth Avenue and 750 Lexington Avenue, Zara will have eight stores in Manhattan as well as another seven in the greater metropolitan area.
As for the overall US market, Inditex plans to open over a dozen new Zara stores in 2015 in major cities such as New Jersey, Las Vegas, Los Angeles, San Diego, Boston, Sacramento, Houston, Dallas, Chicago, Seattle and Puerto Rico.