Wal-Mart Phasing out Layaway Program; Offering Other Financing Options

by Mike Bevel CollectionIndustry.com

Where have you gone, Wal-Mart lawaway? Our nation turns its lonely eyes to you. Woo woo woo.

According to a Reuters story, the world’s biggest retailer and documentary star said customers would have until Nov. 19 to place items in layaway for the Christmas season, and merchandise must be picked up by Dec. 8.

“Demand for layaway service has declined steadily as consumers turn to other options, such as online shopping, gift cards and no-cost credit alternatives,” Pat Curran, Wal-Mart’s head of store operations, said in a statement.

Wal-Mart is exploring other avenues for their customers, including peddling Discover credit cards and their own Wal-Mart credit card.

Some see the move as Wal-Mart?s sneaking up on the bank bid it made ? and which has been repeatedly rebuffed by the Fed and critics of the superstore.