Layaway

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Layaway

An agreement between a retail seller and a consumer that provides that the seller will retain designated consumer goods for sale to the consumer at a specified price on a future date, if the consumer deposits with the seller an agreed upon sum of money.

References in periodicals archive ?
Worried Teesside shoppers clamoured to collect their "layaway" toys from the struggling retailer.
That is really what the season is all about, if you ask me - giving selflessly, to those who may not be as fortunate or who have hit a hurdle in their lives that led them to resort to making minimum payments on layaways at discount retailers.
"We used to just have a rack where we put all the layaway items, but because it became so important over the years, we decided to dedicate a room for layaways so we can get those items off the floor," said Jessica Bettencourt, president of Klem's.
Whether you set up a formal payment plan or use an informal layaway system the way Anne's Attic does, you can increase your sales by letting customers pay you over time.
* Track layaways, sales orders, and noninventoried special orders
What Wal-Mart said was that it would wait to record sales on layaway items until the consumer paid off the entire balance, not when the sale itself was posted.
In fact, home shopping is the latest advancement in business's quest to make spending money as painless as possible, an effort that picked up steam with layaways and installment plans in the twenties and made a quantum leap with credit cards in the fifties.
During the holiday season many retailers saw an increase in sales of gift certificates and layaways. These "advance payments" are often received in one fiscal year, with final sales or redemptions not occurring until a subsequent year.
With Microsoft RMS installed on your computer and an Internet connection, you can create purchase orders in Microsoft RMS and process ATF compliant receiving, trades, layaways, sales and returns simultaneously with other items in the store, all while managing customers and inventory.
As for layaways and other questions, he said he's waiting on information like everyone else.
It gives them the opportunity to do something for their families that they may not (otherwise) be able to do," said Chad Tatum, general manager at the Gateway Mall Sears store, who declined to estimate the rate of layaways at his store.
There were also issues working against these retailers, such as accounting rules that force retailers to exclude layaways from sales tallies.