Laugavegur (ˈløːiɣavɛɣʏr̥) is the primary commercial artery of downtown Reykjavík

Reykjavík

Reykjavík is the capital and largest city in Iceland.Its latitude at 64°08' N makes it the world's northernmost capital of a sovereign state. It is located in southwestern Iceland, on the southern shore of Faxaflói Bay...

, Iceland

Iceland

Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...

 and one of the oldest shopping streets. The name means "wash road", as it used to lead to the hot spring

Hot spring

A hot spring is a spring that is produced by the emergence of geothermally heated groundwater from the Earth's crust. There are geothermal hot springs in many locations all over the crust of the earth.-Definitions:...

s in Laugardalur where in olden times the women of Reykjavík took their laundry for washing.

It has experienced economic setbacks in recent years mostly because of the increase in popularity of shopping malls, most notably Kringlan

Kringlan

Kringlan is the largest shopping mall in Reykjavík with over 170 shops, restaurants and services. Built in 1987, it contains everything from a library, theatre and cinema to a liquor store, candy stores and a pub. It has grown over the years, and is thought by many to be the biggest threat for the...

 and the recent Smáralind

Smáralind

Smáralind is located in the middle of the Greater Reykjavík Area, Iceland. It is one of the biggest shopping malls in Iceland, with over seventy shops, restaurants and services. It contains everything from a cinema and pharmacy to a Vínbúð liquor store, candy stores and restaurants. Smáralind was...

. It still maintains the charm of a historical shopping street and is still home to the more exclusive stores in Iceland.

It is also home to many bars, nightclubs and restaurants. On Friday and Saturday nights the street is often filled with people all night long.