Inditex has completed the acquisition process of a 4,400-square metre commercial property in the heart of New York's SoHo, one of the world's best known shopping dis-tricts, which will house a global standard-setting Zara store. The building is located at 503-511 Broadway, between Broome and Spring Streets, and represents some of the best late-nineteenth century retail architecture in Manhattan. This new store comple-ments recent flagship store openings by Inditex in the US market.

The Group has invested US$280 million to acquire the property. In general terms, the Group's store opening strategy remains focused on leased properties, while the com-mercial thrust is still to further enhance the integrated store & online sales model.
Inditex's Chairman & CEO, Pablo Isla, said "this opening marks a very significant mile-stone in the Group's US growth strategy". He added, "The growth model for the US mar-ket 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".
Built in 1878 by architect John B. Snook, the facade of the building features columns made from cast iron, the use of which became widespread during the period in lieu of stone and wood in order to give a lighter appearance. Today, 503-511 Broadway is one of the landmark buildings found in this emblematic New York district and is part of the area known as the SoHo Cast Iron Historic District.
As well as this new store, which is scheduled to open at the end of 2015, Zara plans to open another flagship store, with a floor area of over 2,800 square metres, in Manhattan this year, specifically in the World Trade Center in the heart of the financial district (at Broadway 222). The expanded store on Fifth Avenue at 42nd Street is also due to re-open its doors this spring; the floor area is being extended by over 50% to 4,000 square metres.
This refurbishment follows the expansion work carried out one year ago at the store on 34th Street and Sixth Avenue and the store located in the emblematic Flatiron building at 101 Fifth Avenue. By the end of 2015, including the stores on Broadway on the Up-per West side, at 666 Fifth Avenue and 750 Lexington Avenue, Zara will have eight stores in Manhattan as well as another seven in the greater metropolitan area.
As for the overall US market, Inditex plans to open over a dozen new Zara stores in 2015 in major cities such as New Jersey, Las Vegas, Los Angeles, San Diego, Boston, Sacramento, Houston, Dallas, Chicago, Seattle and Puerto Rico. These new stores build upon significant new openings made in 2014, featuring new stores in West Lake in Se-attle, on Figueroa Street and Los Cerritos in Los Angeles, and on Lincoln Road in Miami.

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