Iceland’s Fashion Designers Flourish in the Downturn
In the heart of downtown Reykjavik sits a freshly painted pink building. The innards of the two-story metal structure have been gutted to make way for smooth concrete floors, diamond white walls and racks of clothing from Icelandic retailer, Nikita. Just a year ago, the same building was being readied for demolition. In its place were plans for an ultramodern shopping mall stretching several blocks across the capital’s commercial district. Then came the crash.
The collapse of three Icelandic banks in October 2008 meant cranes across the country came to a halt. A broken economy has led to rock-bottom rents. And while the new lows may have hit local landlords hard, it enabled a kind of tenant once prohibited from the high-traffic destination to move in — emerging fashion designers. Read more
Courtesy : www.time.com