Mumbai’s retail landscape has witnessed a major shift as Spanish fashion giant Zara has officially closed its iconic five-storey flagship store in the city’s Fort area. As first reported by Hindustan Times, the store, located in the historic Ismail Building, ceased operations on February 23, marking the end of its eight-year presence in the heart of South Mumbai’s commercial district.
A landmark store bids farewell
The now-shuttered Zara outlet, spanning 51,300 square feet, was one of the brand’s most ambitious ventures in India. Opened in 2017, it was housed in the 119-year-old Ismail Building at Flora Fountain, an Edwardian Neo-Classical architectural marvel. The store’s closure was confirmed by a notice posted at the entrance, which quickly went viral on social media. While no official reason was cited, industry sources suggest that the high operational costs, including a staggering monthly rent of Rs 3 crore, played a role in the decision.
The Fort outlet was a milestone in Zara’s India expansion, with parent company Inditex SA securing a lease through its joint venture with Tata Group’s Trent Ltd. According to industry reports, the lease deal was one of the largest real estate transactions for a high-street fashion brand, with an annual rental agreement of Rs 30 crore and a five-year lock-in period. The store, often described as one of Zara’s most aesthetically impressive outlets globally, was even compared to its Champs-Élysées location in Paris.
The Ismail Building underwent an extensive two-year restoration before Zara moved in. According to Arif Fazlani, Managing Director of the Fazlani Group, which owns the building, the structure was meticulously restored to its original grandeur before Zara designed the interiors. Mumbai-based architects Kirtida Unwalla and Mona Sanghvi spearheaded the restoration project, ensuring that the building’s original green basalt and limestone columns, ornate facades, and cast-iron balcony grilles were preserved while integrating modern retail elements.
Preserving heritage while bringing fast fashion
Despite shutting down its standalone flagship store, Zara maintains a strong presence in Mumbai. The brand continues operations in three key locations: Phoenix Market City in Kurla, Phoenix Palladium in Lower Parel, and Viviana Mall in Thane. Zara, which entered India in 2010 through a 65:35 joint venture with Trent Ltd., remains one of the most popular international fashion brands in the country.