Spanish fashion retailer Zara is to open a store in Melbourne’s Bourke Street Mall.
It will take over the store now leased to Supre, next door to David Jones, and is expected to start trading in April next year. The Spanish company, which has annual revenue of €6.8 billion and more than 70 stores around the world, has a signed a new lease over the entire building, excluding the basement.
It will have a 19-metre frontage to the mall. Zara has taken a new lease over the ground, level 1, level 2, level 3 and level 4, with the rent believed to be worth more than $3 million per annum. Supre leased the space in 2007, but appointed CBRichard Ellis as exclusive agents to market the property, either as a sub-lease or to assign the existing lease.
The current Supre lease expires on April 30, 2016. The Bourke Street Mall, along with Westfield’s new Sydney shopping centre, will be the site of Zara’s first stores in Australia.
Picture credit: www.zara.com
News source: www.textilesource.com.au