The process of acquiring a 4400m² space in one of the top global shopping districts, SoHo in New York, has been finalized by Inditex.
The group has spent US$280m to obtain the property situated at 503-511 Broadway, between Spring and Broome Streets. Generally the store opening strategy of the group is focused on leased properties, while it seeks to enhance its online and integrated store sales model.
The property was constructed during 1878 by John B Snook, an architect. The building façade includes cast iron columns, which had become popular during this period, rather than wood and stone. This building is a landmark and forms part of the region referred to as the SoHo Cast Iron Historic District.
The new store is due to open towards the end of 2015. Along with this store, Zara is due to open another 2800m² flagship store in Manhattan during this year. This will be placed in the World Trade Center, which is located in the center of the financial district at 222 Broadway. Its expanded store, based at 42nd Street, on Fifth Avenue, is planned to re-open during the spring. The expansion is set to add 50% to the floor space, to reach 4000m².
This expansion follows on the heels of that done a year ago at the store located on Sixth Avenue and 34th Street, as well as at the store located at 101 Fifth Avenue. By the close of 2015, the group is due to have eight stores within Manhattan, and seven within the greater metropolitan area.
Inditex has plans to open more than 12 new Zara stores during 2015 in large cities, such as Seattle, Chicago, Dallas, Houston, Sacramento, Boston, San Diego, Las Vegas, New Jersey and Los Angeles. This builds on the many new openings that occurred during 2014 in Los Angeles, Miami and Seattle.