On February 23, Spanish luxury fashion brand Zara shut down its flagship store in Mumbai, marking the end of its presence in the iconic Ismail Building. This 119-year-old heritage site in South Mumbai was home to Zara's largest store in India. The 51,300-square-foot store, once a beloved destination for young fashion enthusiasts, has now become a part of retail history.

According to reports, the store was operated by Inditex Trent, the joint venture between Spain’s Inditex and India’s Tata Group. Further, Zara was paying a jaw-dropping ₹30 crore annual rent to the building's owner, Supariwala Exports. The lease agreement was structured at ₹450 per square foot per month, with a 15-year commitment and a 5-year lock-in period.

This closure signals a major shift in both Zara’s strategy and South Mumbai's retail scene. More details are awaited.

The Ismail Building, a distinguished five-storey structure near Mumbai’s Flora Fountain, was originally built in 1906 in the Edwardian Neo-Classical style. Once a bustling centre for banks and offices, the building gradually deteriorated over time, culminating in a partial collapse in 2015. Recognising its historical value, a restoration project was undertaken by conservation architects Kirtida Unwalla and Mona Sanghvi, in partnership with Inditex, Zara’s parent company.

Over two years, efforts were made to restore the original architectural features, such as the stone façade, brickwork, and cast-iron pillars, while incorporating modern enhancements for improved functionality. In May 2017, the revitalised building reopened as Zara’s largest store in India, spanning five floors, contributing to the commercial and cultural revival of the area.