The Power of Retail

The weakening US economy is leading to many interesting changes. One of them is that retailers in New York City are starting to accept foreign currency such as Euros and several others as payment. According to Robert Chu, who owns East Village wines, “We had decided that money is money and we’ll take it and just do the exchange whenever we can with our bank.” Where at one time, the US dollar was the strongest of currencies, the current situation with the sub-prime crisis has turned the tables and European tourists are thronging the city to take advantage of this reversal. Most shops on the border of Canada and Mexico have long accepted Canadian and Mexican money, NYC was not one location that accepted foreign currency.

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