Zara Closes Doors on Mumbai’s Grandest Store: The Story Behind the Historic Ismail Building

Mumbai: Zara, the global fashion giant, has shut down its only standalone store in Mumbai, marking the end of an era for the city’s fashion enthusiasts. The five-story outlet, located in the iconic Ismail Building near Flora Fountain, spanned 51,300 square feet and was considered one of Mumbai’s grandest fashion stores.

Why Did Zara Close Its Ismail Building Store?

The decision to shut down the store was driven by financial concerns. Inditex Trent, a joint venture between Spain’s Inditex and India’s Tata Group, found the location commercially unviable. A notice placed outside the store announced:

“Please be informed that this Zara store will cease operations after the end of business on 23rd February. We will continue to assist you all at our Zara stores in Mumbai and at Zara.com/in.”

Zara had opened this flagship store in 2017, securing a lease at an annual rent of ₹30 crore—the highest high-street fashion lease deal in India at the time. However, changing retail trends and the rise of online shopping prompted the brand to reevaluate its strategy.

Zara’s Mumbai Presence After the Closure

Following the shutdown of its Flora Fountain store, Zara now operates only three outlets in Mumbai, all within shopping malls:

• Phoenix Palladium, Lower Parel
• Phoenix Market City, Kurla
• Viviana Mall, Thane

This move aligns with Zara’s global strategy of focusing on mall-based locations and strengthening its online presence.

Zara’s Journey in India

Zara entered the Indian market in 2009 through a 51:49 joint venture between Inditex and Trent. The brand launched its first store in Delhi’s Select Citywalk mall in 2010. By fiscal year 2024, Inditex Trent operated 23 Zara outlets across India, generating a revenue of ₹2,775 crore and a profit of ₹244 crore.

The History and Transformation of Ismail Building

The Ismail Building, an architectural landmark in Mumbai’s Fort area, has stood for over a century. Originally built in the early 20th century, the building was named after the Sir Ismail Yusuf Trust, one of the city’s major landlords during the British era.

Designed in the Edwardian Neo-Classical style, the five-story structure features grand columns, intricate Roman-inspired details, and expansive interiors, reflecting British colonial influences.

Over the decades, the building has housed various establishments, including banks and offices, before becoming home to Zara’s flagship Mumbai store. While the store may have closed, the historic Ismail Building remains a defining part of South Mumbai’s heritage.