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When the recession blew in last year, it brought a giant cloud of perfume with it. Fragrance is one of those little luxuries that people buy when they're nervous about spending money on bigger things—things like, say, Madison Avenue retail space. In an economic climate in which rents are dropping and the upscale perfume business is robust, it's no wonder more and more fragrance companies are opening stores on the Upper East Side. This fall, reports Crain's, "three perfumeries will open along nine blocks of the tony strip from East 67th to East 76th streets." Diptyque plans to launch its second Manhattan store at 971 Madison Avenue, Creed is setting up shop at 794 Madison, and Editions de Parfums Frédéric Malle will open at 898 Madison later this month.
· Dollars and scents [Crain's]
· Storecasting: Parisian Perfume House Creed to Madison Avenue [Racked]