Spanish luxury fashion brand Zara closed its flagship store in Mumbai on Monday, bringing down the shutters at the iconic, 110-year-old Ismail Building in South Mumbai. The heritage-listed property, spanning 51,300 square feet, had housed Zara's expansive outlet in the bustling commercial district.

The store was operated by Inditex Trent, a joint venture between Spain’s Inditex and the Tata Group’s retail arm, Trent Ltd. The partnership manages all Zara outlets in India.

Zara had entered into a high-stakes lease agreement with the building's owner, Supariwala Exports, shelling out a hefty Rs 30 crore annually in rent. The deal, structured at over Rs 450 per square foot per month, included a 15-year lease with a five-year lock-in period.

The closure marks a major shift for both Zara and the retail landscape of South Mumbai, as the iconic store was a prominent presence in the area.