Edition 1471
21 April 2018
Edition: 1471

Read this week's issue online exactly as it appears in print.

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Zara stores in Portugal could close as chain looks to downsize

in Business · 14-12-2017 13:07:00 · 0 Comments

Clothing giant Zara has announced it is looking to sell off 16 of its stores across the Iberian Peninsula due to a rise in online sales, and two of those shops could be in Portugal.

Zara stores in Portugal could close as chain looks to downsize

According to Bloomberg, the fashion chain, which belongs to Spanish textile group Inditex, is looking to raise 400 million euros from the sale of the real estate, which it is offloading due to a rise in online sales.
The company is reportedly aiming to switch to a sale-and-leaseback operation, becoming tenants of the properties in question for a 20-year period, although the new buyers of the shops – 14 in Spain and two in Portugal – could see them vacated within five years.
Inditex’s revenues amounted to 11.7 billion euros during the first half of this year, fuelled by a rise in Internet sales, an area in which the clothing retailer intends to focus its efforts.

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Edition 1471
21 April 2018
Edition: 1471

Read this week's issue online exactly as it appears in print.

Twitter

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