TRU hopes to boost holiday sales with layaway expansion
Wayne, N.J. — Ahead of the holiday season, Toys"R"Us announced that it will expand its layaway program and incorporate flexible payment options in order to spur holiday sales. The retailer is offering its layaway service along with Bill Me Later to enable customers to complete purchase through a series of smaller payments over time.
Toys"R"Us introduced layaway in 2009 for such big-ticket items as bicycles and swing sets and on Oct. 15 will expand the program to include playthings in 450 of its 600 stores.
The in-store layaway option gives customers 90 days to pay for their item(s), with a 20% down payment. Layaway orders for toys must be paid in full by Dec. 4 in order to guarantee Christmas availability.
As part of its expanded services, Toys "R" Us is offering online customers a Bill Me Later option to make flexible payments over time as an alternative to the in-store layaway program. As well, the retailer is debuting its first online catalog, highlighting many of the big-ticket items that can be put on layaway in all stores nationwide, or purchased online using the Bill Me Later payment option.
With an expanded layaway service and expanded seasonal hiring, Toys"R"Us' actions imply the retailer is gearing up for what it hopes will be a strong holiday season. Though at an September press event in New York City CEO Jerry Storch stopped short of pinpointing a comparable-store forecast for this year, he appeared confident that Toys"R"Us breadth of assortment, particularly of exclusives, will help position the retailer as the toy leader this holiday season.