My only concern with that gadget is the amount of air space between the garments, for drying purposes. I'm very married to my old folding wood drying racks because they allow sufficient space. (the ones currently on the market, that I have found, are fairly awful)

"The obvious problem with most of the retractable alternatives is what happens to the hangers when the rod disappears!"
The plastic and the wire hangers will have to go elsewhere, but the clear plastic type with swivel hooks could stay on there. Our hangers stay on an over the door hanger holder, which often holds drying shirts on hangers. Our treadmill sees more action from shirts drying on hangers, than from its owners.

Here is a link that might be useful: