Which Southern California promoter will be the first to accept pesos at the door for an event thus securing fame, peso fortune, an incredibly busy email inbox, and an amazing amount of cheap promotion? (promoters, music venues skip to the end)
I am going to make an argument that the Currency Exchange Booth at Fashion Valley should be replaced by a Wetzel's Pretzels, a Gap store completely dedicated to the elderly or something else that would be more useful. Fashion Valley is less than twenty miles from the U.S.-Mexican border where almost 2 million people inhabit the city of Tijuana. It would make sense for small businesses to accept pesos instead of requiring people to change their money outside of their store's walls.
Plenty of Mexicans as well as U.S. Citizens who use pesos are shopping at these malls and it would be good for sales to make their purchases as frictionless as possible. The benefits don't end with the psychology of sales. Currency Exchanges are not public services, they are businesses that make money from charging more for currency than market price. Why are businesses turning away this money?
Tijuanenses are adept at making money off their geographic position and accept the dollar almost everywhere. People don't always have time to get to a currency exchange when trying to go to an event and so businesses benefit by making the conversion for them at preferential rates. Businesses in Mexico benefit from their willingness to accept foreign currency. The stakes are a lot higher for Mexican businesses, but it could be a significant source of revenue for some stores who are looking for extra revenue anywhere they can find it.
I’ve heard an argument that the San Diego-Tijuana region doesn’t have the same tight knit connection of other border cities along the U.S.-Mexican border have because of San Diego’s concentration on biotech and military contracts to have the economic impetus to connect across borders. Does this apply to retailers, restaurants or bars?
There is precedent for accepting pesos. Pizza Patron started accepting pesos to take advantage of people returning from Mexico with left over currency which helped them create a latino customer base as well as generate a huge amount of hate mail.
There is precedent for accepting pesos. Pizza Patron started accepting pesos to take advantage of people returning from Mexico with left over currency which helped them create a latino customer base as well as generate a huge amount of hate mail.
It won't work for every company. The logistics are a bit of a deterrent. Business owners will worry about incorrect calculations, not being able to spot counterfeiting with a new currency, and also the backlash from those who worry accepting the peso is the same thing as bowing before the Mexican flag. In reality, it is the result of the transborder lifestyle of people crossing back and forth to two different countries within the same week or day. The inability of the U.S. populace to take a pragmatic, business oriented approach to foreign economic purchasing power is the same attitude that prevents the U.S. from larger opportunities to cash in on the demand for U.S. education and vacation destinations because of a xenophobic visa and immigration system.
Reasons this transition should start at music venues?
1. The music industry is progressive right?
2. Who cares if you make the Minutemen angry? They are not coming to your dub step night.
Unless an effort was well organized, converting drink prices into pesos by calculator would be a time wasting activity that would cost money in a bar atmosphere, but why not start with a nice round number for a cover charge. $5=5x14= 70pesos. That isn't too much work.
I will find insurance for the first Southern California promoter or venue who accepts pesos who is worried about a dramatic depreciation of the peso overnight. I would bet 50 Ameros that you get some press and some bills with Mexican Revolutionaries on them.
Q1: Do Tijuanenses see this as a nuisance?
Q2: Is it it really as easy as buying a calculator and setting a rate?
Q1: Do Tijuanenses see this as a nuisance?
Q2: Is it it really as easy as buying a calculator and setting a rate?
