Layaway is making a comeback. Although some consider layaway a relic of times past, especially with the advent of credit cards, a recent Wall Street Journal article reported that the service is experiencing a resurgence with major retailers.
It’s smart of retailers to let customers hold on to their money, doling it out in small increments rather than all at once. This allows customers to budget and plan for their spending, to secure popular gifts before they sell out and to store presents out of the house. Even smarter is the fact that you a have a customer consistently coming into the store to make payments and looking at other merchandise.
A win-win for everyone.
-By Berbay Principal Sharon Berman