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By
Reuters
Published
Aug 4, 2016
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Spanish retailer Mango to open megastore in Cuba

By
Reuters
Published
Aug 4, 2016

Spanish fashion group Mango is set to open its first megastore in Cuba before the end of the year after a recent thaw in the country's diplomatic relations with the United States, a source close to the company said.


A Mango megastore in Valencia - Mango


Mango's sales grew by 15.3 percent in 2015, the Barcelona-based unlisted company reported in May, driven by a focus on opening megastores internationally. Its megastores range in size from 800 to 3,000 square metres.

The brand, a rival of Spanish Inditex-owned label Zara, opened 63 megastores in 2015 and plans to have opened 45 more before the end of 2016.

The new Cuban store will be in Manzana de Gomez, a shopping centre situated in Havana's historical centre. Mango already operated a smaller franchise in the city, which opened 20 years ago.

Spanish companies from ferry operators to hotels are among foreign players rushing to invest in the Caribbean island following a detente between Havana and Washington in December 2015 after decades of hostility.

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