Inditex will replace El Corte Inglés in the store at number 1 Calle Colón in Valencia, the most commercial area of the city. The owner of the property, the Socimi Inbest, reported yesterday in a document sent to BME Growth (former Mercado Alternativo Bursátil) that it has leased 24% of the area to Stradivarius, a brand of the Galician textile group. The rest of the store (76%) will be occupied by Lefties (Inditex’s low cost), as Inbest also announced at the end of July.
Inbest bought the property on Calle Colón from El Corte Inglés in 2019 for 91 million euros. The department store chain has remained in that store as a tenant ever since, with a project focused on selling opportunities, although it has finally grouped all its activity in the area to the adjoining building at number 27 on the same street. In May, Inbest – a company chaired by Javier Basagoiti – terminated the lease with the company chaired by Marta Álvarez and has now partnered with Inditex, in 20-year leases.
The building that Lefties and Stradivarius will occupy has a commercial area of 7,600 square meters. The income that the group chaired by Marta Ortega will pay to Inbest for the rental will represent a variable percentage of the sales of the two Inditex brands, with a guaranteed minimum for the socimi.
Inditex is strongly committed to this commercial hub in Valencia. It already has a Zara store on Calle Colón, at number 11; at number 2 with another from the Pull & Bear brand; another in 66 by Massimo Dutti; another from Bershka in 26; another from Oysho at 10, and another from Zara Home at 18.
Inbest already works with Inditex in two other iconic stores, the ones that the textile group recently opened in the Edificio España in Madrid. There, Zara has opened its largest global boutique, with 7,956 square meters of surface area, and Stradivarius has another with 1,217 m².
Likewise, at the end of July it announced that it had rented the store on Gran Vía 20 in Bilbao to Lefties, another premises previously occupied by El Corte Inglés and that the socimi acquired in 2019. This real estate agency also jointly purchased another store on Calle Princesa de Madrid, within the rotation of non-strategic assets of the department store chain.