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Layaways Return
WITH FAMILIES more cost con- scious and budgets tight over the past few years, many retailers have tried numerous customer-friendly promotions to get a piece of the shopping budget. Among these promotions are integrated market- ing campaigns across all available channels, paid shipping expenses, and this past holiday season favor- ite, layaway programs. Many big box retailers and chain stores have implemented layaway programs to help consumers fretting over ad- ditional debt, and worrying about maxing out credit cards. This is a good way to entice consumers who may have initially crossed items off their wish list because of price. One of the most highly talked
about programs of the season was Walmart’s campaign which began on Oct. 17 and was available only for purchases of $50 or more on electronics and toys. “Each item had to be worth at least $15, and shoppers had to pay a $5 initiation fee, place 10 percent down, and pay off the debt by Dec. 16 or face a $10 cancellation fee,” says news site, ABC15. The payoff was a 1.8 percent increase in Walmart’s U.S. sales in the fourth quarter, accord- ing to Thomson Reuters, the best performance in the last 10 quarters, most of which saw a decline. Reuters reporter, Jessica Wohl, writes, “A key component to Walmart’s success during the recent holiday season was the well publicized return of lay- aways. The plan was so popular that Walmart parked more than 3,000
continued on page 96
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