New Delhi, Feb. 25 -- After 8 years in a pre-colonial building in South Bombay, the 'iconic' 5-storey flagship Zara store has closed its doors because the brand could no longer afford the Rs.3 crore in monthly rent.

It was reportedly the largest overseas space-related transaction made by a high-street brand.

Housed in the 119-year-old Ismail Building at Flora Fountain in the Fort district in Mumbai, the Spanish luxury fashion brand's flagship store, sprawling over 51,300 square feet, opened in 2017 after a two-year restoration effort.

The 'majestic' SoBo store, the netizens said, paled even its flagship store in Paris at Champs Elysees.

This five-story Edwardian Neo-Classical landmark, known for its dramatic columns and Roman-inspired...