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Wright predicts CD price dip as Euro drives market forces. (News).
Virgin Entertainment Group Simon Wright is predicting a dip in CD prices across Europe as the Euro highlights price differences between territories.
The CEO says the introduction of the new currency in 12 countries last week coupled with the ongoing impact of the internet is providing customers with greater transparency than ever on how prices compare between different countries in Europe. "They'll be very quickly able to ascertain where the best deal is," he says.
Wright suggests the outcome could be CD prices being forced down in certain countries, including the UK, to fall in line with the cheapest territories, despite local factors such as different levels of sales tax. "I'm a great believer in market forces. Whatever the right answer is it will be driven by what the market says at the end of the day," he says.
In the UK, Virgin is already operationally set up for the new currency with all its UK Megastores equipped to take Euro notes or travellers' cheques. Wright, however, is not expecting a mad stampede of trading in Euros with a high proportion of its UK Euro customers last week simply journalists filing stories on the currency. Retailers suspect UK use could take off as ...
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