The head of Spanish fashion giant Inditex on Friday said he sees 2003 store openings at the top end of its forecast as it opened its first Zara store in Sweden – home to major rival Hennes & Mauritz.

Chief executive Jose Maria Castellano told business daily Dagens Industri the firm expects to open around 335 outlets this year including the flagship shop in central Stockholm today.

"Exactly how many it will be depends on whether we find good locations, get approval, licences and so forth," he said. "But because it is autumn now I can say I think it will be 335."