Wal Mart bringing back layaway – Arent you excited to know that Wal-Mart is bringing back Lay-a-way for Christmas? If there is any indication that people every day in this country is still suffering the effects of the Great Recession, Wal Mart, the largest retailer in the country, is bringing back the program that became popular during the Great Depression: layaway.
U.S. retail giant Walmart announced Thursday it will reintroduce its layaway payment plan for the holidays after a five-year hiatus. Beginning Oct. 17, layaway will again be available, allowing customers to set aside a product at the store and pay for it over time, The New York Times reported. Walmart stopped offering layaway in 2006 because many customers were relying on credit cards and gift cards to make purchases. Duncan Mac Naughton, chief merchandising officer for Walmart’s U.S. stores, says shoppers have asked for the program to return.
U.S. retail giant Walmart announced Thursday it will reintroduce its layaway payment plan for the holidays after a five-year hiatus. Beginning Oct. 17, layaway will again be available, allowing customers to set aside a product at the store and pay for it over time, The New York Times reported. Walmart stopped offering layaway in 2006 because many customers were relying on credit cards and gift cards to make purchases. Duncan Mac Naughton, chief merchandising officer for Walmart’s U.S. stores, says shoppers have asked for the program to return.
“It just tells us the customer’s still struggling, as they tell us about their concerns with energy prices, housing prices, the job security, that 9.2 percent unemployment — it tells us that this is a fragile economy and the customer needs our help.”Layaway will be available at Walmart stores until Dec. 16 with a $5 service fee and a 10 percent down payment on the purchase. The total purchase must be at least $50, with no single item costing less than $15.
