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Report: Inditex pays $400 million for Fifth Ave. Zara space
New York City -- Spain’s The Inditex Group of Spain will pay $400 million for a flagship Zara retail store at 666 Fifth Avenue in Manhattan.
According to a report by the Wall Street Journal, who cited people familiar with the matter, the transaction is one of the largest retail condominium deals ever. Zara bought out a 32,000-sq.-ft. lease from former occupant NBA store, which had less than three years remaining, according to the report.
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Urban Outfitters profit dips in Q4
Philadelphia -- Urban Outfitters reported Monday that net income for the quarter ended Jan. 31 dipped slightly to $75 million, compared with $77 million in the year-ago period.
For the full year, profit rose to $273 million from $220 million a year earlier.
Fourth-quarter net sales rose 14% to $668 million. Same-store sales for the quarter increased 4%. By brand, same-store sales rose 1% at Anthropologie, 28% at Free People and 5% for Urban Outfitters.