The retail giant Inditex is preparing to open its largest Zara store in Spain and the mere fact that it has expressed its intention to place it on Paseo de la Castellana 79 – the building currently occupied by Fnac – next to El Corte Inglés, has revolutionised the real estate sector. As a result of this move, it is likely that Zara will vacate the premises it currently leases on Calle Orense, and be replaced by another of the group’s brands, such as Bershka or Stradivarius.
Besides the important office buildings that make up the capital’s financial district, Azca is also home to several shopping and leisure areas. In this way, Calle Orense, which runs parallel to La Castellana, accounts for an extensive offering of fashion labels – such as Mango, H&M, Promod, Pull&Bear and Sfera, amongst others – as well as restaurants.
Moreover, the Moda Shopping shopping centre is also located in the area. Experts predict that the arrival of Inditex’s flagship store will represent a major boost for the area, which will manifest itself in a busier Azca-Castellana thoroughfare and will, therefore, lead to higher rental prices.
The Director of Retail at the real estate consultancy JLL, Sergio Fernandes, considers that the upcoming opening of Zara will be a commercial boost for the Azca area, given that it will be a reference point and an undeniable focus of attraction. “A large number of people already visit the area, drawn in by El Corte Inglés, and visitors include a lot of overseas tourists, particularly from China”, he explained. Fernandez believes that the arrival of the Zara flagship store will increase that appeal and will boost the surrounding area, particularly in terms of the restaurant sector.
Original story: Expansión (by A. Antón and R.Arroyo)
Translation: Carmel Drake
Translation/Summary: Carmel Drake