Monday, January 19, 2009

Layaway Makes a Comeback

Layaway is returning to the retail scene as an alternative to the "charge it, take it, pay later" mentality. The Internet has also prompted an update, as you can see from the eLayaway site.

It's difficult to know exactly how popular this payment method is becoming. According to MSNBC, "Burlington Coat Factory said its layaway sales made up 5.3 percent of its business in August [2008], a 15 percent increase over the same month last year." No word yet on Christmas 2008 layaway figures.

One concern: Will customers use layaway to "reserve" products, make a few payments, then drop the layaway if the products go on sale/clearance--and buy at the new, lower price, knowing they've had that item put aside for weeks?
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discover the easy way to pay Kmart Layaway
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