Global financial problems have hit Moscow’s Blahnik shod shoppers and many luxe retailers like Stella McCartney, Alexander McQueen, Kookai, Diesel and Manolo Blahnik are closing their doors.
Store rentals on these prestigious shopping streets are dropping by as much as 50% so the new names, hoping to satisfy the Russian’s craving for foreign brands, include Gap and H & M. Yikes, that’s quite a step down.