News

The current economic crisis hit Iceland like a tidal wave, knocking out the nation's banks, currency and, most recently, government. With the krona losing almost half its value against the dollar since last year, the island's loss just might be the world's gain. But Icelanders aren't complaining. Any foreign currency that comes into the country is another brick to rebuild its collapsed economy.

For locals, the crisis means the end of day trips to shop on London's Oxford Street and weekend jaunts to New York for the latest electronics. For visitors, it means that Iceland's innovative, otherworldly design — once available largely to moneyed globerati — is finally affordable for the rest of us. And it's about to get easier to get to: Icelandair is re-launching direct flights from Toronto to Iceland on April 1.

With direct flights and the krona at about 90 to the Canadian dollar, the only missing link is a guide to the best shopping in Reykjavik. To find it, I asked Rosa Helgadottir, a fiftysomething textile designer who owns her own shop, Rosa Design, to serve as my guide. Her choices were mostly Icelandic creations — these, she tells me confidently, are unique.

"We are independent in mind and we are not afraid to do something new," says my personal shopper as we stroll along the city's main drag, Laugavegur. (You'll find the main stores are generally located along a two road axis, Laugavegur and Skolavordustigur streets.)

Helgadottir prefers to design women's wear and accessories with less traditional materials, such as rubber and wool. "We are far from everybody, so we have a different scene from the rest of Europe."

Icelandic fashion

Laugavegur Street has its share of locally designed women's wear. Black features heavily, as do wool and microfibre. Looking at some of these beyond-the-catalogue creations — like a "coat dress" in black ($450) from ELM Design — Helgadottir tells me they are for people "who are not afraid to be different."

ELM Design: Laugavegur 1; 354 5110991; www.elm.is

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Fish Leather

"People think [Icelandic design] is courageous," Helgadottir reminds me on our walkabout. "And we try to re-use everything around us." What's most plentiful, of course, is fish. If you've ever fancied fish in your fashion rather than on your plate, Iceland is the place to try it. Reclaimed from fish already processed for food, fish leather is making a name as a sustainable option, from handbags (below) and napkin rings to an exotic lamp ($910) made by Kraum from the hide of a whole cod.

Kraum: Adalstraeti 10; 354 5177797; www.kraum.is

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Woollen wear

In a chilly nation with more sheep than people, woollen wear will naturally be top notch. The most popular item is the traditional lopapeysa: a chunky, knit sweater with a distinctively Nordic pattern along the collar and cuffs. A popular brand among hipsters and fishermen alike is Farmer's Market, which sells modernized renditions — an adult's lopapeysa is $150 — using thinner, lighter wool for less-than-Arctic conditions.

Kisan Concept Shop: Laugavegur 7; 354 5616262; www.kisan.is.

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Volcanic bling

Iceland may not be rich in minerals, but Icelanders make the most of what they have. A new trend in Icelandic bling is the use of unfinished volcanic stones, which are set in silver and gold (a silver brooch is $350) to create a rather organic look. "[They're] handmade, one-of-a-kind," says Helga, the owner of Gullkunst Helgu.

Gullkunst Helgu: Laugavegur 13, 354 5616660, www.gullkunst.is

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Icelandic Music …

There's a lot more to Icelandic music than Bjork and Sigur Ros. Helgadottir tells me to stop by record shop 12 Tonar, where it's homey, friendly and there's unlimited free coffee, for a CD (from $22). Emiliana Torrini (right) and Lay Low, both beloved folk-pop artists, are Helgadottir's picks.

12 Tonar: Skolavordustigur 15; 354 5115656, www.12tonar.is.

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… And Musical Instruments

If you're more into music on an interactive basis, a visit to Sangitamija is a must. They sell obscure instruments from around the world, and their Icelandic offerings are earth harps, a type of lyre (from $85 to $420) handmade from walnut, mahogany and cedar wood by designer Larus Sigurdsson.

Sangitamija: Grettisgata 7, 354 5518080.

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For the children

Popular store Kraum features the works of more than 120 Icelandic designers, including traditional board games and drinking glasses brightly painted with families in national costume. Or visit Kirsuberjatred for an ideal present for any baby: one-of-a-kind, teardrop-shaped music "boxes" ($45), made from painted, twisted reeds, that play Icelandic folk songs.

Kirsuberjatred: Vesturgata 4, 354 5628990, www.kirs.is.

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Putrid shark, perfect pancakes

Icelandic cuisine is excellent, asserts Rosa. And although people may not want to re-create their own putrid shark at home, more popular is Iceland's specially cast pancake pan (along with free recipe) for whipping up your own batch of wafer-thin, crepe-like Icelandic ponnukokur.

Icelandic pancake pan, $75. Kokka (Laugavegur 47, Tel. (354) 562 0808, www.kokka.is)

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Iconic images

While Iceland's stunning natural beauty has become a cliché in print, with photographs you can capture these clichés in a more original form. Pics from Fotografi — 12-by-18-centimetre prints start at $11 — feature Icelandic subjects in different contexts. The store also has images from abroad taken by Icelandic

photographers. Ftografi: Skolavordustigur 4a; 354 551 6800; www.fotografi.is.

Special to The Globe and Mail