Zara has shut its iconic Mumbai flagship store in the Ismail Building due to unsustainable rent of ₹9.86 lakh/day or ₹36 crore/year on average, Hindustan Times reported. Zara initially leased the space for ₹2.25 crore per month in rent for the 51,300 sq ft space a few years ago. Following annual rent escalations, the rent reached ₹9.86 lakh per day.