I would pronounce it ZAHR-uh, like the world famous high end designer / clothing store.
It is okay, but the store immediately comes to mind.
This, when I see it spelled Zara.
However, when you throw the H in there, I like it a lot better and no longer think of the store. My pronunciation of it does change ever so slightly though, I "hear" the added h like a 7 in Arabic/aspirated h.