PSL Retail Private Limited Leases 60,000 sq ft of Retail Space
Purple Style Labs (PSL), a luxury fashion retail chain, has secured a major retail space in South Mumbai’s iconic Ismail Building. PSL Retail Private Limited has leased approximately 59,350 sq ft of retail space for a period of five years. The monthly rent for the store is set at ₹3 crore, translating to an annual rent of ₹36 crore for the first year.
According to property registration documents, the rent will increase annually, with the second-year rent rising to ₹39 crore, followed by ₹42 crore in the third year, ₹43.8 crore in the fourth year, and ₹45.6 crore in the final year of the lease. PSL has also deposited ₹18 crore as a security deposit for the transaction.
The lease transaction was officially registered on December 23, 2024, with a stamp duty payment exceeding ₹53 lakh and a registration fee of ₹1,000.
Zara Exits from South Mumbai
Marking the end of an era, Spanish fast-fashion brand Zara has closed its flagship store in South Mumbai’s Fort area after nearly a decade of operation. The store, which occupied 51,300 sq ft of space in the Edwardian neoclassical Ismail Building at Flora Fountain, was a landmark retail destination in the city.
A notice displayed outside the Zara store informed customers of its closure:
“Please be informed that this Zara store will cease operations after the end of business on February 23. We will continue to assist you at all our Zara stores in Mumbai.”
Zara originally registered the lease for the South Mumbai store on April 1, 2016, with a tenure of 21 years. However, property registration documents indicate that the company decided to exit the store after just nine years.
At the time of its lease agreement in 2016, Zara paid ₹2.25 crore in monthly rent and deposited ₹13.5 crore for the 47,565 sq ft space it occupied. The brand’s exit from this prime location signals a shift in the retail landscape of South Mumbai, making way for new players like Purple Style Labs.
Changing Retail Dynamics in South Mumbai
The transition from Zara to Purple Style Labs reflects the evolving retail preferences in South Mumbai, where luxury and high-end fashion brands are expanding their footprint. With PSL’s entry into the Ismail Building, the space is set to be repurposed to cater to a different segment of fashion consumers, bringing a new retail experience to the historic location.
While Zara’s departure marks the end of its presence in this iconic building, PSL’s move into the space suggests that luxury fashion remains in high demand in Mumbai’s prime shopping districts. As the city’s retail sector adapts to new consumer trends, the transformation of this space will be closely watched by industry experts and shoppers alike.
Also Read: India Retail Trends
