Inditex has nabbed a piece of landmark property in New York City to house a new Zara store. On Friday, the Spanish company said it acquired a 47,300-square-foot retail space located in SoHo’s Cast Iron Historic District for $280 million.
The new SoHo store, which is set to open at the end of 2015, is just one half of Zara’s Manhattan expansion plan for 2015. Inditex will also open an eighth Zara store in downtown Manhattan, a 30,138-square-foot flagship located in the World Trade Center.
Inditex Chairman and CEO Pablo Isla, said, “This opening marks a very significant mile-stone in the Group’s U.S. growth strategy. The growth model for the U.S. market consists of a combination of flagship store openings and online sales growth under-pinned by strong support from American shoppers; this acquisition dovetails perfectly with this strategy.”
Beyond New York, Inditex revealed plans to open over a dozen more Zara locations this year in major cities, including Las Vegas, Los Angeles, San Diego, Boston, Sacramento, Houston, Dallas, Chicago, and Seattle. Locations in New Jersey and Puerto Rico are in the pipeline as well.