Fashion giant Inditex resumed operations in Venezuela on Thursday with the opening of a Zara store under a franchise agreement, and amid de facto dollarization and high prices in the South American country.
Inditex confirmed in January its return to the Venezuelan market after in 2021 it closed all the group’s stores, which encompass the brands Bershka, Pull & Bear, among others, following a revision of the franchise agreement with its local partner Phoenix World Trade.
Zara’s operations are in the hands of its franchisee in Venezuela, now called Grupo Futura, which was responsible for reopening in Caracas a 5,000-square-meter, two-story store in the Sambil shopping center in the east of the city.
Hundreds of people began to visit the store early in the morning and by midday there were long lines to pay for the merchandise. Several visitors were from cities near Caracas who only came to shop.
“I was watching for the opening of Zara, because I often shopped there when I was in the city,” said Deisy Hartaona, a 56-year-old shopkeeper who resides in the center of the Venezuelan capital and was looking for shoes.
For years, the local partner helped Inditex navigate complex government regulations, and is now helping the fashion retailer reconnect with the Venezuelan market.
Following the revision of controls and de facto dollarization, the economy has shown an incipient recovery, although it continues to face high prices and deteriorating services.
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