TVs twice the price in Iceland
Photo: Ernir
Some television sets sold in Elko shops in Iceland are almost twice as expensive as the same sets in Norway.
The prices paid by shoppers in Iceland are compared to the prices posted on the Norwegian electrical retail outlet Elkjøp, with whom Elko has a wholesale agreement.
Same model 85% more expensive
To take one example, a 55-inch 3D smart television costs ISK 319,995 (approx. €2,150) in Elko in Iceland. The same television is advertised in Norway for NOK 9,995 (approx. €1,160). This makes the Icelandic television some 85% more expensive than the same model in Norway.
CEO of Elko, Gestur Hjaltason, points out that Norway’s low prices are a response to tough price competition among Scandinavian electrical retail chains. He gives two possible explanations for price discrepancies between Iceland and Norway. “Either we are not getting access to goods at the same low prices or the Norwegians are selling selected televisions with no mark-up or under cost price,” he suggests.
Falling prices ahead?
Hjaltason also indicates that Elko has worked constantly over recent years on bringing television prices down and points out that televisions in Iceland have indeed become considerably cheaper. While making no promises, Hjaltason does suggest the possibility of a 10-15% fall in prices in the future.
