There are shopping malls and stores in upmarket addresses that charge an arm and a leg for their goods. Its not an oddity to find a product costing 5 times or more the recommended retail price. I consider this to be a form of extortion where the victim is willing to cooperate. Have you ever visited such? I would rather purchase at cheaper addresses and save money or even donate the same to charitable causes.
I could not but agree more! There're some affluent shopping complexes which are painstakingly expensive. If I cannot justify the price and performance, I do not buy something even if it is in the realm of my affordability. This looks a kind of exaction and I cannot support that.
I maybe wouldn't go as far as to say it can be classed as extortion because they are't making you buy from them, but I do understand where you're coming from. In the more affluent areas then the stores do tend to add extra onto the price because they think their clientele can afford to pay more. That isn't necessarily fair or right, but if you can't afford to shop there then you don't have to. You do still have a choice and while I know a lot of people that do just buy from anywhere and ignore the price, I also know people that have quite a lot of money but still shop at the discount stores because they simply refuse to be overcharged.
It really depends how you look at the situation. Some may feel it is extortion, mostly because the store is in a way forcing its loyal customers to pay way more for the same products other stores offer for less. Then again others feel that you have a choice to shop else where, so in a way you are not being forced to purchase the product at that store, so that would not be extortion. I have noticed a lot of stores in my area with unbelievable prices. The stores closest to the hospital are a prime example of this. I could purchase a Snickers candy bar for under a dollar with tax at the neighborhood store; however, when I visit a store close to the local hospital, the same size Snickers candy bar cost $1.78 (ridiculous). Furthermore, it is not only the stores that are jacking up the prices; I have noticed the vending machines in and near the local hospital charge a dollar for a can soda; however, I can purchase the same size can soda from the vending machine at the local grocery store for $0.50. We as consumers must remember that stores are considered a business, and a business main objective is to rake in the profits. Yet, if customers ban together and stop paying these ridiculous over charged prices, then the business will have no choice but to offer reasonable prices in order to make a profit. But in my opinion, no it is not right, but it is not extortion either. (The store is not forcing you to purchase their product). It is merely a clever and ridiculous way to rake in more profits from customers who are willing to tolerate being overcharged.
I bet that there are a lot of things that really toe that line, but I guess it is their right to charge what they want. What should happen is that nobody should ever buy it, driving them to bring their prices down, but I am not really sure why that is not happening here.
You are may be in the right track of saying that it is a form of extortion. Actually, it is not. In the business world, there is a slogan which says "caveat emptor" which means let the buyer beware. It is the responsibility of every buyer to find a better product for that matter. The seller would be only liable when they misrepresent their products offered for sale.
Although I agree that some companies/stores mark up the prices because they know their clientele can afford to pay more, there are also some other reasons for this phenomenon. Real estate costs more in some areas, and if it's an exclusive area, you can bet that the mortgage or rent is substantially higher. Also, the security in those areas tends to be more upscale, which means advanced training, technology, equipment and services. Some of the more upscale shopping locations offer valet or validated parking, escorts to vehicles, and other similar amenities, and often those who are used to such niceties expect them and don't mind paying higher costs to receive them.
It may seem extortionate but prices are there for people to compare and check. While some stores will price match or guarantee the lowest prices, it's a case of the buyer deciding where to buy something and on supply and demand. The recommended price is often just a price that the manufacturer makes up and has nothing to do with what a retailer chooses to sell at. Different areas will have the same item at a different price, even at the same store and I find that annoying, but that's how it works and as long as shoppers know this then they can be aware.
I found out the bigger malls in my location sell their goods at a lot more expensive rate. Before now I had thought they'll be cheaper considering the size and patronage. What I normally do these days is to buy what I need, be it food stuffs or electronics at local small stores. The prices of these items at these small stores are cheaper and more comfortable to me.
A popular mall in our place does have high prices on whatever you want to buy from them. I do not consider it as extortion but I do understand that anyone would just feel that it isn't fair. Well you would see the same scenario everywhere everyday. There are people who can afford to buy items which are priced higher and there are some who do not agree on buying them, at the end of the day, it is still you're choice if you would buy from them or look elsewhere to buy some stuff. There are 3 places where we can shop in my place and I literally go through all of them just to check where I can buy something for the cheapest price possible. But if I can afford buying something that is overpriced but will save me a lot of time, I would buy it. I would rather use my money to buy overpriced stuff than go and look for hours just to buy something that costs less. You can still earn money but you can't turn back time.
