Spanish retailer Inditex SA (ITX) said it bought the former NBA Store at 666 Fifth Ave. in Manhattan for $324 million and will make it into a flagship store for its Zara clothing chain. Inditex acquired the 39,000-square-foot (3,600-square- meter) storefront between West 52nd and 53rd streets, the Arteixo, Spain-based company said today in a statement posted on its website. The site was the home of the National Basketball Association’s flagship shop, where it sold team jerseys and other memorabilia.
That deal helped the tower’s owner, Kushner Cos., cover some of the debt incurred after purchasing the building the year before for $1.8 billion, then the most ever paid for a single NNN Lease Investment U.S. building.
Inditex is one of the worlds largest fashion distributors, with eight sales formats -Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe - boasting 4.430 stores in 73 countries.
The Inditex Group is comprised of over one hundred companies associated with the business of textile design, manufacturing and distribution.
Thanks to its achievements and the uniqueness of its management model based on innovation and flexibility, Inditex is one of the largest fashion distribution groups.
Our fashion philosophy -creativity and quality design together with a rapid response to market demands- has resulted in fast international expansion and excellent response to our sales concepts.
The first Zara shop opened its doors in 1975 in A Coruña (Spain), the city that saw the Group's early beginnings and which is now home to its central offices. Its stores can now be found in the most important shopping districts of more than 400 cities in Europe, the Americas, Asia and Africa.
