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Bad Credit From Liza Amlani -- Retail Strategy Expert
From:
Liza Amlani -- Retail Strategy Expert Liza Amlani -- Retail Strategy Expert
For Immediate Release:
Dateline: Toronto, Ontario
Monday, November 27, 2023

 

According to the Wall Street Journal, Black Friday sales were strong but retailers are noticing that getting customers to use store-branded credit cards is a hard sell.

The article states…

“Income from Target’s credit-card business declined 10% in the most recent quarter, compared with the same period a year earlier. At Kohl’s, other revenue, which includes credit cards, was down 6%. Macy’s credit-card revenue dropped 31%.”

Why should this be a surprise?

Interest rates on these cards are close to 30%. The incentives to get customers to sign up for these cards are weak. “Buy Now, Pay Later” programs are agnostic to the retailer and no lengthy sign-up process is needed.

These types of credit cards are best viewed as relics of the past. Gone are the days of the allure of the department store credit cards.

There are better ways to drive revenue from customers. May we suggest, a profitable product assortment?

Retail Strategy Group works with retailers and brands to help them accelerate their speed to market, preserve gross margins and deliver products that their customers truly want. Their monthly newsletter, The Merchant Life attracts retail founders, VPs, and C-Suite executives as they seek valuable merchandising and product creation insights.

For more information, visit www.retailstrategygroup.com, and to sign up for the newsletter, visit www.themerchantlife.com.
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Name: Raj Dhiman
Title: Chief Rainmaker
Group: Retail Strategy Group
Dateline: London, ON Canada
Direct Phone: 416-627-3008
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