India, Feb. 25 -- Spanish fashion brand Zara has closed its iconic SoBo store in South Mumbai's Fort area after eight years. A notice posted in front of the store went viral on social media. The clothing company was paying Rs.3 crore in monthly rent.

Reportedly, Zara leased the property for 21 years in 2016 for a monthly payment of Rs.2.25 crore. The rent for the initial five months was free. Upon completing the first three years of the 21-year tenure, the rent increased by 5% per annum. Calculations put the ongoing rent at Rs.3,01,52,152 per month or Rs.36,18,25,823 per annum.

Business Standard reported that a familiar source claimed that the store shut down after its sales could not keep up with the high rentals.

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