NASHVILLE, Tenn. – Some shoppers are getting a jump on their holiday gift buying by putting must have items on layaway.
Many stores did away with layaway about 10 years ago, especially when they started offering their own store credit cards but now, as banks are tightening their lending practices, layaway is making a big come back, especially around the holidays.
Michael Moorer is the store manager at Kmart on Nolensville Pike.
He said while they “never got rid of layaway” the retailer saw a decline in the number of customers who used the service.
After all, why wait eight weeks for a must have item when you could simply charge it and take it home right away?
Moorer said his storage rooms are already packed with items that will end up under the tree.
Layaway, he says, is a simple process.
“You come in you pick your purchase. You put at least 10% down, and you have an eight week period to pay on it. It allows our customer to put something on layaway and pay on it a little at a time,” Moorer explained.
Kmart’s success has other retailers bringing back the service or advertising it heavily this holiday season.
Sears, T.J. Maxx, Marshalls, Toys ‘R Us and Burlington Coat Factory all offer layaway.
Retail experts say in a day when people are budgeting, its easier to pay in small segments versus one lump sum and with out the high interest rates.
- Nov. 24, 2008: Kmart hopes shoppers use layaway during money crunch
- Oct. 23, 2008: Layaway proves popular in trying times