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Layaway Plans - First Kmart, now Toys R Us, Sears and Burlington Coat Factory
From:
Richard Gottlieb -- Toy Industry Expert Richard Gottlieb -- Toy Industry Expert
New York , NY
Wednesday, October 28, 2009

 
 FOR IMMEDIATE RELEASE

Contact: Tracy Dudkiewicz, 262-642-5019, tdudkiewicz@wi.rr.com

New York, NY – In a recent Out of the Toy Box blog published on Playthings® magazine's website, toy industry guru Richard Gottlieb of USA Toy Experts writes about the comeback of retailer layaway programs, and the hidden benefits to retailers and consumers.

"It looks like Kmart was on to something because sister company, Sears, Burlington Coat Factory and now Toys R Us are doing layaway programs as well," said Gottlieb.

Layaway, is a pre easy credit system in which a consumer picks out an item they want, makes a down payment on the item, and then makes a series of payments until the item is paid for. The retailer keeps the item in "layaway" and gives it to the consumer when the last payment is made.

"What I find most interesting in the new layaway programs is a $5.00 or $10.00 fee that is being charged to set up the layaway agreement," said Gottlieb. "That means that the retailer has a whole new profit center. That's brilliant because even if a consumer changes their mind the store keeps the fee."

According to an article in the Cleveland Plain Dealer entitled, "Layaway Guidelines, 10 things you should know before you sign up": Kmart, yes Kmart, offers an on line 24 hour layaway service. Some of the things suggested in the article that consumers may want to consider:

1. Layaway increases your chances of getting what you want

2. Layaway beats credit cards

3. Layaway isn't for everything

4. Not all stores will adjust your layaway balance if the item goes on sale.

5. You can change your mind, but it'll cost you.

To read more on this topic, as well as other blogs by Richard Gottlieb, visit www.playthings.com.

About Richard Gottlieb

Richard Gottlieb is President of Richard Gottlieb's Toy Experts (www.usatoyexperts.com) and a highly respected provider of business development services to the toy industry and consumer product industry. Richard combines an MBA in Global Management with thirty-five years of consumer products experience. He is the founder and facilitator of Building Our Future Toy Conference, a series of ongoing conferences which forecast the landscape the toy industry will face in the next five to ten years, and he is a voting member for the National Toy Hall of Fame® at Strong National Museum of Play® in Rochester, New York. Richard is a contributing editor to a number of magazines in the United States and Europe, speaks domestically and internationally about trends and the toy industry and writes the blog, "Out of the Toy Box" for www.playthings.com.
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Richard Gottlieb
President
Richard Gottlieb and Associates, LLC
New York, NY
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