{"id":11,"date":"2016-11-28T19:41:37","date_gmt":"2016-11-28T14:11:37","guid":{"rendered":"https:\/\/www.crematrix.com\/blog\/?p=11"},"modified":"2023-08-30T11:51:20","modified_gmt":"2023-08-30T06:21:20","slug":"zara-expands-in-mumbai","status":"publish","type":"post","link":"https:\/\/www.crematrix.com\/blog\/zara-expands-in-mumbai\/","title":{"rendered":"Zara expands in Mumbai \u2013 leases nearly 30k of premium ground floor space in Oberoi Mall"},"content":{"rendered":"<p>Garnering unprecedented success, Zara &#8211; the global apparel retailer, continues to expand its presence in India. In November 2016, it leased nearly 30k sq ft of carpet area on ground floor in the Oberoi Mall in Goregaon. The lease is structured in a way that Zara pays the higher of a minimum guaranteed rent of INR 100 psf per month on a carpet area basis or 9.5% of net sales (revenue share). In addition to the rent\/revenue share, it is also bearing an additional INR 26 psf per month towards heating, ventilation and air-conditioning charges (or CAM charges) in Oberoi Mall.<\/p>\n<p><strong>Featured in\u00a0<\/strong>:\u00a0<a href=\"http:\/\/www.business-standard.com\/article\/companies\/at-9-5-of-sales-zara-offers-highest-revenue-share-to-mumbai-mall-116112800910_1.html\" target=\"_blank\" rel=\"nofollow noopener\">Business Standard<\/a><\/p>\n<p><!--more--><\/p>\n<p>Such\u00a0revenue\u00a0sharing\u00a0arrangements\u00a0have\u00a0become\u00a0a\u00a0mainstay\u00a0of\u00a0retail\u00a0leases\u00a0in\u00a0India,\u00a0and\u00a0ensures\u00a0an\u00a0alignment\u00a0of\u00a0interest\u00a0between\u00a0owners\u00a0and\u00a0retailers.\u00a0However,\u00a0the\u00a0rent\u00a0that\u00a0a\u00a0retailer\u00a0pays\u00a0for\u00a0a\u00a0store\u00a0is\u00a0typically\u00a0governed\u00a0by\u00a0the\u00a0trading\u00a0density\u00a0of\u00a0its\u00a0store\u00a0i.e.\u00a0annual\u00a0sales\u00a0per\u00a0sq\u00a0ft\u00a0of\u00a0carpet\u00a0area.\u00a0Zara\u2019s\u00a0store\u00a0in\u00a0Palladium\u00a0in\u00a0High\u00a0Street\u00a0Phoenix\u00a0pays\u00a0the\u00a0higher\u00a0of\u00a0a\u00a0minimum\u00a0guaranteed\u00a0rent\u00a0of\u00a0INR\u00a0319\u00a0psf\u00a0per\u00a0month\u00a0(carpet\u00a0area\u00a0basis)\u00a0or\u00a08%\u00a0revenue\u00a0share.\u00a0Arguably,\u00a0Zara\u2019s\u00a0store\u00a0in\u00a0Palladium\u00a0is\u00a0likely\u00a0to\u00a0be\u00a0one\u00a0of\u00a0its\u00a0highest\u00a0grossing\u00a0stores\u00a0in\u00a0India,\u00a0which\u00a0enables\u00a0it\u00a0to\u00a0guarantee\u00a0such\u00a0high\u00a0rents.\u00a0The\u00a0occupancy\u00a0costs\u00a0to\u00a0the\u00a0retailer\u00a0is\u00a0still\u00a0higher.\u00a0In\u00a0Mumbai,\u00a0the\u00a05<sup>th<\/sup>\u00a0store\u00a0of\u00a0Zara\u00a0in\u00a0Fort\u00a0is\u00a0also\u00a0approaching\u00a0its\u00a0opening\u00a0date\u00a0fast.<\/p>\n<p>This is yet another case of a global brand edging out a domestic brand in a prime mall &#8211; in this case, Future Group\u2019s Central that has downsized. Also, Zara\u2019s bargaining power and appetite for more store space can be judged from the fact that it has been able to secure the right of first refusal over any space that gets vacated adjacent to its store in future. Symbiotically, it works well for the mall owners as well to have a successful global retailer driving footfalls and revenues.<\/p>\n<p>It is pertinent to note that the lease was signed just before the currency demonetisation reform announced by PM Narendra Modi. It is quite likely that discretionary spending will be hit over the next 3-4 months due to the impact on liquidity and possibly negative \u201cwealth effect\u201d that a certain segment of the population may face. However, it is also estimated that nearly 70-75% of the spending in shopping centres is through electronic modes of payment, and hence the severity of the impact may be limited.<\/p>\n<p>The\u00a0likes\u00a0of\u00a0Zara,\u00a0H&amp;M,\u00a0Gap\u00a0and\u00a0Uniqlo\u00a0shall\u00a0continue\u00a0to\u00a0expand\u00a0their\u00a0presence\u00a0in\u00a0Indian\u00a0metros,\u00a0and\u00a0spoil\u00a0the\u00a0urban\u00a0shopper\u00a0for\u00a0choices!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Garnering unprecedented success, Zara &#8211; the global apparel retailer, continues to expand its presence in India. In November 2016, it leased nearly 30k sq ft of carpet area on ground&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zara Expands In Mumbai in Mumbai | CRE Matrix | CRE Matrix<\/title>\n<meta name=\"description\" content=\"From headline to insight: the transaction, the numbers and the local market read for Mumbai. Curated by CRE Matrix. 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