MADRID — The high end and the low end appear to be holding their own in financially beleaguered Spain, but the midmarket retail sector is in bad shape.
The Madrid-based Spanish Commerce Confederation reported the economic crisis has caused 40,000 stores to close in Spain in recent years, causing massive layoffs and an unemployment rate approaching 23 percent, the euro zone’s highest. In addition, austerity measures such as an increased sales tax and salary cuts have contributed to what the media here are calling “the crack” in domestic spending.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)