Europe was a bit of an eye-opener for me this summer because everywhere I went, Spain, Poland, England, and France, I asked the shop owners and the taxi drivers, ‘How is business?’ This was just to get a feel for what is going on.
In France, for example, everybody that I talked to told me that this year their business was down between 7% and 40% vs last year. What they said was that business has been down every year now for the past 4 years. But this year was down even more so than the previous 3 years.
So, Spain, which is a wonderful country, every other store is shut. And when you talk to people, they are leaving the country. They are going to Africa, to New Zealand, Australia, or whatever, because there are no jobs. It’s the same (way) in Portugal.
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