Argentina: High-end retailers leave the country
Argentinian newspaper 2001 reports that international high-end retailers, such as Escada and stores owned by LVMH, are vacating their shops in Buenos Aires’s Alvear avenue due to the latest currency restrictions.
Most prominently, shops can no longer accept payment in US dollars, but the article also mentions that “numerous business restrictions” impede doing business.
Additionally, other retailers like The Gap and Apple are opening shop in Santiago, Chile, which has a much more welcoming business environment. The Santiago Apple store will be Latin America’s third, after Mexico and Brazil. This nearly amounts to an indictment of the Argentinian government’s business policy, since Argentina’s economy is South America’s third-largest. However, Chile’s competitiveness and economic index surpassed Argentina’s years ago.
Luis Vuitton, a favorite brand of president Cristina Fernández, is gone, but, fear not, she’ll always have Paris.