Zara shutting shops

tHe world’s biggest clothing retailer wants to sell 16 of its Zara stores as online shopping booms in Spain.

inditex is looking for a buyer to pay £352m for 14 shops in Spain and two in Portugal.

the Spanish company has seen online sales take off in the country and it hopes internet purchases will reach similar levels to the rest of europe.

Online purchases make up 3pc of all sales in Spain, compared with 8pc across europe and 15pc in the uK.

inditex’s most recent results showed that profits increased by 15pc in the six months to July 31 to £5.8bn.