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Tough Times Turn Shoppers to Layaway
April Norris | myfoxmemphis.com | Tuesday, November 11, 2008
Stores Seeing Renewed Interest in Layaway Programs
MEMPHIS, Tenn. (WHBQ FOX13 myfoxmemphis.com) -- The sights and sounds of Christmas are back and so are the long lines.
The layaway line at K-mart on Austin Peay Highway was nearly 30 people deep at 10:30 Tuesday morning.
Travis Smith drove about an hour and half from Arkansas to put presents in layaway, saying "you come here, you can't afford it now, you put it on layaway."
K-mart store manager Tom Fisher says they never got rid of layaway, customers just stopped using it.
Industry experts say the instant gratification of swiping your credit card and taking your purchases home became a better option, because many staple department stores like Sears and J.C. Penny's stopped doing layaway years ago.
Target, Wal-Mart and Kohl's don't have layaway either.
But, with the declining economy more customers either maxed out their credit or just can't get it and are resorting back to K-mart's oldie but goodie.
Shopper Anderson Donalds says, "Yes, defiantly I mean I don't have any dealing with credit cards anymore. I'm glad they have it here. I wish Wal-Mart would kind of consider it."
The line moves a little slow because employees have so much to box up.Your purchases are stored it in an upper level room until you get them and you can hold them for 8 weeks at the most.
Fisher wants customers to know K-mart does not do the dollar down layaway anymore.
He says, "it's 15 dollars or ten percent down which ever is greater, make a payment of 25 percent every two weeks, any seasonal items (like Christmas decorations) need to be out by December 5th though."
Burlington Coat Factory, T.J. Maxx and Marshalls are other stores that still have layaway. Click the links to the right to see each store's policy.
Plus, online shoppers are in luck - check out eLayaway, with products ranging from high-end electronics to home appliances. You can pay a little each month, and even boost your credit score in the process!
Link to story.
