How to lose your money _ Buy gift cards

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SUMMARY

This discussion highlights the risks associated with purchasing gift cards from retailers facing store closures, particularly during economic downturns. Specific retailers mentioned include Circuit City, Ann Taylor, and Disney, with many planning to close numerous locations. Participants emphasize the importance of verifying the status of gift cards before purchase, as some may expire or become unusable if the retailer goes out of business. The consensus suggests avoiding gift cards in favor of cash or more flexible gifting options.

PREREQUISITES
  • Understanding of retail market dynamics and store closures
  • Knowledge of gift card expiration policies and consumer rights
  • Familiarity with economic indicators affecting retail performance
  • Awareness of alternative gifting options, such as prepaid credit cards
NEXT STEPS
  • Research the current status of major retailers and their store closures
  • Learn about consumer protection laws regarding gift cards
  • Investigate the impact of economic recessions on retail businesses
  • Explore the benefits of using prepaid debit cards as gifting alternatives
USEFUL FOR

Consumers considering gift card purchases, financial advisors, retail analysts, and anyone interested in understanding the implications of store closures on gift card usability.

  • #31
Evo said:
Wow, Woolworth's closed down in the US ages ago. They tried to update them them as Woolco, but that also failed. I used to go to Woolworth's all of the time when I was little.
Woolworth's here had lunch counters, stamp-collecting supplies, needles and thread, photo-processing drops, toys, etc, etc. 45-50 years ago, it could be a treat to go there, though we never had much money to spend and spent a lot more time looking than selecting and buying.

Woolworth's specialized in low-cost stuff, so you could get a deal on generic envelopes, crepe paper, glue, cellophane tape, etc. Sam Walton probably looked at the Woolworth game plan and thought "not big enough".
 
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  • #32
Never understood why people give out gift cards. Why not just cash? Cash is more liquid. Gift cards are simply just cash that you are forced to spend in one place. Seems stupid.
 
  • #34
That article was about unspent gift cards, not gift cards for companies that went under.
 
  • #35
russ_watters said:
That article was about unspent gift cards, not gift cards for companies that went under.

Yes I can read.
 

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