July and January. Oh My…..
Back in the day, Madrid tiendas (shops) hosted only two sales a year!
In January, the small shops would discount their winter stock in preparation for the summer season. And then again in July, to make room for winter stock.
Genius I’d say, as it kept the competition fair, and kept shops (theoretically) from overstocking.
These were real discounts! On real items! The exact pieces you had been coveting all season, would be on Sale. All you had to do was hope your size was still available.
In excited anticipation, I would save my entire clothing budget strictly for these rebajas!

This photo was from one of my July shopping trips !!! All ten garments, for less than the regular price of the two end pieces. So happy I didn’t cave and give into my fear that this perfect white Max Mara skirt would be gone before the rebajas started.
A January A July
Of course, the rebajas cover all things. And all budgets.
Now with all the American chains and El Cortes Ingles Department Stores having perpetual sales, it has taken some (A LOT) of the excitement out of these ‘Most Wonderful Time of The Year’.
ps: Had 2020 not misbehaved, I would be vacationing in Madrid right now, enjoying all that the Tiendas have on offer!