Three 10-11 stores in downtown Reykjavík have been found to increase their prices by an average of 8 percent in the evening and on weekends, according to Vísir. During those hours, the prices change electronically.
The stores in question are on Austurstræti, Laugavegur and Barónstígur. Those price changes were implemented on Austurstræti at the end of 2014, but in the other two stores in June.
That has been confirmed by 10-11 CEO Árni Pétur Jónsson. He cited increased traffic and management cost as the reason.
To begin with, only pop, candy and tobacco were affected by the price increase, but that has now changed to include dairy, health products, canned food, baking goods, baby food, coffee, pasta, energy drinks and juice as well.
Árni claims there are no plans to implement similar changes in other 10-11 stores or to include more food categories.
Teitur Atlason, head of the Icelandic Consumer Agency, finds the price increases ridiculous.
He commented, “First of all, I think it would be polite to announce such changes. On the other hand markup is free in the country, and consumers who choose to shop at excessively priced stores simply shop there.” The choice is theirs, he stated.
Since the stores are all in downtown Reykjavík, their customers are, to a large extent, tourists.
Teitur added, “Such behavior ruins Iceland’s reputation as a tourist destination and it will come back to haunt us. We ought to be good and fair hosts. It’s sorry to see 10-11 somehow ruin our reputation and discredit Icelandic trade and the good job that has been done.”
The good news is that if you’ve been entering those stores at different hours, blaming the changing price tags you’ve seen on your hallucinations, you can rest assured that your brain is working just fine.