New Tenant to Pay ₹206 Cr for 5 Yrs for Mumbai Store Zara Shut Over High Rent
The iconic Ismail Building in Mumbai has found a new tenant for its nearly 60,000 sq ft of retail space, which was previously occupied by Zara, the Spanish fashion brand. Zara had shut down its store due to the high rent, and now, Purple Style Labs, a fashion brand, has leased the space for a whopping ₹206 crore for five years.
The Ismail Building, located in the heart of Mumbai’s commercial district, is a heritage building that has been a landmark in the city for decades. The building, which has a total floor area of around 2,50,000 sq ft, is known for its stunning architecture and prime location.
The announcement was made by Hindustan Times, which reported that Purple Style Labs has agreed to pay an annual rent of ₹36 crore for the first year, which will increase every year. This means that the annual rent will be ₹38 crore in the second year, ₹40 crore in the third year, and so on.
The deal is seen as a significant win for the Ismail Building’s owner, as it has managed to secure a new tenant at a higher rent than what Zara was paying earlier. Zara had been paying an annual rent of around ₹24 crore for the space, according to reports.
Purple Style Labs, which is a popular fashion brand in India, is known for its trendy and affordable clothing range. The brand has several stores across the country, including in cities like Delhi, Bangalore, and Hyderabad.
The leasing of the space in the Ismail Building is seen as a strategic move by Purple Style Labs to expand its presence in the city and tap into the growing demand for fashion in Mumbai. The city is known for its vibrant fashion scene, with several high-end and affordable fashion brands having a strong presence here.
The deal is also seen as a sign of the growing demand for retail space in Mumbai, particularly in the high-rent areas of the city. Several major fashion brands, including international players like Zara and H&M, have shut down their stores in Mumbai due to the high rent, but Purple Style Labs’ willingness to pay a higher rent suggests that there is still demand for prime retail space in the city.
The leasing of the space in the Ismail Building is also seen as a boon for the local economy, as it will provide employment opportunities to several people. The building is expected to undergo some renovations before Purple Style Labs moves in, which will also create job opportunities for local workers.
In conclusion, the leasing of the space in the Ismail Building by Purple Style Labs is a significant development in the Mumbai retail scene. The deal is seen as a sign of the growing demand for prime retail space in the city, and it is expected to provide a boost to the local economy. As Purple Style Labs gets ready to move into the iconic building, it will be interesting to see how the brand shapes up its new store and what kind of offerings it will bring to the table.
