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.
