Word: crashing
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Dates: during 2000-2009
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...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...
...many of these young designers are getting more than just attention. "The crash has affected us in a really good way," says Bara Holmgeirsdottir, owner of nearby store Aftur. Her long, sweeping, blond hair brushes the top of her cutting table as she molds a piece of fabric into a dress. "No one is traveling abroad, so you have to shop locally. We have actually doubled our sales...
...unique. Down the street the three-month-old Fabelhaft shop has also logged surprisingly high sales. "Opening now has been the best investment for us," says co-owner Dusa Olafsdottir. Inside, tourists and natives mill around bespoke hats and dresses in the boutique's bleached white cube. "Before the crash it was ridiculously expensive on this street, but now you can have your own label and store." (See pictures of expensive things that money...
Instead of pressure, students in the graduating class of the country's Academy of Fine Arts fashion school feel utterly liberated about entering the job market after the crash. "Before it was 'What are you thinking going into design?' " says Rakel Solros as she put the finishing touches on her homework for the week - a jet black evening dress. "It may be harder to get the loan now, but everyone is prepared to do much more and make something real happen...
...economic quagmire. In September, the Ministry of Industry bestowed its first million-dollar grant to a fashion house, Andersen & Lauth. The company's creative director, Gunnar Hilmarsson, was also recently crowned chairman of the year-and-a-half-old Design Centre. Although it was created before the crash, Hilmarsson explains that the center - which is a government-sponsored platform for exhibitions and seminars - took on a new life once the money disappeared. "People are looking into how we can survive in the future," says Hilmarsson. "Design and fashion have now become a high focus, not only within the sector...