Zara, a chain under Inditex, the largest clothing retailer in Spain and the third largest in the world, opens its first flagship store this week in Shanghai, China Business News reports. The store, set to formally commence operations on the 24th, is located in Shanghai's Golden Triangle shopping district on Nanjing Road and covers an area of 1500 square meters. Work has already begun on a second flagship store in Shanghai's Times Square shopping center, set to open in July. Zara brings competition for global brands like Esprit and Mango that have already established themselves in Shanghai. Esprit's Times Square store closed its doors yesterday as the shopping center's management entered into more detailed talks with Zara. The new Zara store, at 1500 square meters, will cover two levels and will be the largest commercial occupant of Times Square. Link: http://dycj.ynet.com/article.jsp?oid=7774634