Bloomberg Businessweek

A Recovery That’s Not Micro Enough

Nick Leiber

• Spain’s tiny businesses have become a drag on productivity

• “They don’t have the will or the way to transform themselves”

Spain’s robust economic recovery hasn’t buoyed Ricardo Sainz’s half-century-old grocery store in Madrid’s working-class neighborhood of Orcasitas. Sales have fallen from roughly €25,000 a month ($27,000) before the recession began in 2008 to €10,000 today. And he expects them to keep slipping. His faithful older clients are dying, and younger generations prefer

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