The new SoHo location, bought for $280 million, is a 4,400-square meter building at 503-511 Broadway between Broome and Spring Streets.
The store opening strategy is primarily focused on leased properties while Inditex’s ultimate commercial goal is to develop and improve the cohesive store and online sales model.
Pablo Isla, Inditex chairman and CEO, said, “This opening marks a very significant mile-stone in the Group’s U.S. growth strategy.” He added, “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.”
The SoHo location is set to open at the end of 2015, while Inditex also plans to open an additional Zara flagship store in the World Trade Center as well as reopen its expanded Fifth Avenue and 42nd Street location in the spring.
Zara expanded its Flatiron location last year, and by the end of this year, the brand is set to have eight Manhattan-based locations and seven others in the greater metropolitan area.