Fashion retail group Inditex has acquired a unit in the leafy London suburb of Richmond under the facia of Zara Home store, as it looks to increase its portfolio further in the UK.
The homewares and furnishings sub-brand of the popular Zara fashion chain occupies a 2,600 sq ft outlet on George Street which was previously used by retailer Crew Clothing.
Spanish based Inditex has already established Zara as a trader in the UK but this latest deal is part of its efforts to introduce its other brands such as Pull & Bear, Massimo Duti and Bershka to more areas of London and the south east of England.
Property firm CB Richard Ellis (CBRE) has been helping Inditex with its UK expansion plans and the Richmond store is the first transaction which it has consulted on.
Michae Dibley, Director for Central London Retail at CBRE, commented: “We are delighted to be working with Inditex and to have completed our first acquisition in what we hope will be a long and fruitful relationship.
“CBRE’s retail tenant team looks to understand its clients’ business and the retailer requirements to ensure the right stores are introduced in the right locations.
“Richmond, and the town’s catchment population, is well suited to Zara Home’s product range and typical customer; I have no doubts that it will prove to be a popular addition to the retail mix.”
In its first quarter ending April 30th 2011, Inditex sales grew 11 per cent year-on-year and aggressive expansion saw 110 outlets open in the period across the world.
Earlier this month the retail group announced that a number of its other brands were launching transactional sites across major European nations.