The Shop Cop - Jennifer Litwin

Watch Twin Cities Live on ABC in Minneapolis where I talk about the best and worst in holiday gift returns this year. Many new return policies this year. Some stores are more lenient, while others are making their return policies more vague. If you need to make returns you won’t want to miss this show

This holiday season has been the first in years to have decent return policies across the board—well almost. If you’ve been wondering how long you have to return your holiday presents, policies have changed somewhat this year—more favorable to customers.

In an aggressive bid to win loyal shoppers, stores have pulled all the stops when it comes to returns this season.

BIGGEST TRENDS THIS HOLIDAY SEASON

1. Vague return policies—need to really read the policy carefully, and even then, you may be missing some of the facts (Ex: Target and Victoria’s Secret).
2. Returns at store/department manager’s discretion: this policy hasn’t been in place for more than a decade
3. Receipts not crucial in many stores (Target, Macy’s)
4. Extended time for returns; now 90-120 (Target- 90 days) days instead of 14-30, with the exception of electronics/games (14 days the norm, and restocking fees after that)
5. Stores are not locking into return policies—Policies are changing all the time—even after the holidays, allowing flexibility for the stores; a wait and see approach. Good and bad.
6. Tracking the number of returns—Wal-Mart, Target—could hurt your chances for a refund.

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I recently shared my tips for the best and cheapest way to ship anything in the week right before Christmas. Shipping prices are going up and comparison shopping shipping prices is getting more confusing. I will help you learn the tricks to last minute shipping and saving money throughout the year. Shipping prices are expected to go up by 5-10% in this next year.

THE BEST DEALS AND WAYS TO PAY FOR THEM WITHOUT GOING BROKE

Retailers are preparing themselves for cautious spending this holiday season, and are stocking their stores with lower inventory this year. Here’s what you need to know about Black Friday and the remainder of the holiday season.

HOTTEST TRENDS THIS YEAR

• Time-saving necessities like small ticket, $20 gadgets and accessories (Target kitchen accessories under $10)
• Packaged, large quantity toys great value (Wal-Mart has 100 toys for $100, like Barbies and action toys)
• Video games, Wii, Nintendo $20 off at K-Mart—this will hurt the big electronic store sales at places like Best Buy, who are not offering these discounts on such popular items; big box discount stores competing with electronic stores because people are still spending on the electronic games for their children
• Luring repeat shoppers, stores are offering gift cards (Toys R Us offering $10 gift cards if you spend $75 or more, Target $10 off $100 on future purchases, JC Penney)
• Clothing deals will be on necessities, rather than on luxuries–Old Navy discounting winter coats (as inexpensive as $15), jeans ($10 for kids), fleece sweatshirts ($5)

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SELL YOUR GOLD

We all have jewelry we don’t really wear anymore. Maybe you should consider selling the gold ones. The price of gold, unlike other commodities, has gone up dramatically in the past few years. There are 2 ways to determine value when selling gold:

As featured on ABC7 Chicago.

Many of us think that the really good deals on our favorite items come after a holiday is over. But according to the National Retail Federation, the time leading right up to the holidays is when you can get the very best discounts…retailers want to create sales to generate revenue, and use targeted marketing campaigns to lure in shoppers. Many of us think, for example, the price of jewelry must go up before Valentine’s Day, but it’s just the opposite.

APPLIANCES/ELECTRONICS

Best time of year to get deepest discounts on electronics and appliances is when models change over—typically, every 6 months. When models change over you can get floor models deeply discounted or promotional pricing on new items. In July, big sales in refrigerators—more rebates, because more heat breaks down refrigeration that month. Save money year-round on energy-saving appliances that cut down on utility bills. Typically, in February, March and November there are promotions. But best day for discounts on electronics is the day after Thanksgiving.

MAKEUP/COSMETICS

For bargains, don’t shop department stores, except during the holiday season when packaging gets dated quickly. The specialty boutiques offer substantial discounts on discontinued products, particularly in July, when new colors introduced, but great time to look for the classics. Specialty stores (Ulta and Sephora) offer rewards programs for free makeup. You can save you a lot if you spend more than $50 on makeup.

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Home shopping expert and Random House author Jennifer Litwin announced five things consumers should consider when shopping for the holiday season. Litwin also researched name brand store credit/gift cards that achieve the biggest bang for the buck for the consumer.

“Holiday shoppers are always thinking about finishing their homes in time for the holidays, accommodating guests, and doing it all on a budget,” said Shop Cop and Random House author Jennifer Litwin.

“What consumers don’t realize when finishing their homes in time for the holidays is the varying degrees of ‘pay for play’ benefits each name brand store credit and gift card will offer when making purchases. Some holiday shoppers may spend just $100 to finish their home while others may spend $10,000; so knowing what store credit/gift cards can save them money and give them great deals can make all the difference in the world.”

THINGS TO CONSIDER WHEN SHOPPING THIS SEASON:

1. If shopping online, look for free delivery. Many stores are offering free delivery as an incentive. Otherwise, there is typically a charge of about 10% for shipping big ticket items like furniture.
2. Beware of store credit card rebate/savings programs because most only offer a 1-2% savings on the cost of your purchases, but you will still incur financing charges, just as with a typical credit card.
3. If a price seems too good to be true, ask to see an assembly sheet to find out how difficult it will be to actually assemble the piece.
4. Buy gift cards for your loved ones that can be used both in the store and online. Many egift cards can only be used for online purchases, and then merchandise needs to be returned to a non-store location.
5. If making a lot of purchases, try to do it with a store credit card that offers good discounts for large purchases, or free, desirable gifts.

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Christmas is here again and it’s time to start thinking about how we are going to decorate our homes. Over the past five years the Christmas industry has seen a dramatic shift in what people are buying in the way of trees and lights.

More people shop on the internet today for Christmas trees, both fresh and artificial, because it saves time. Saving time is also a reason why more people today are buying artificial trees. When it comes to Christmas tree lights LED lights have paved the way for a more energy-efficient, longer-life bulb.

DECIDING BETWEEN ARTIFICIAL AND REAL TREES

According to the National Christmas Tree Association, the association that has given a tree annually to the President and first family since 1966, approximately half of all people buying trees are buying artificial trees. However, Rick Dungee from the NCTA (National Christmas Tree Association) says that the “traditionalists will always prefer a real tree, in its look, smell and touch, to an artificial tree.” Continue reading »

Retailers: Nordstrom, Costco, Bloomingdale’s, Best Buy, Macy’s, Menard’s, Target, Walmart, Toys R Us, Circuit City, American Express, Bed Bath & Beyond

TRENDS

1. Restocking Fees
2. Gift Card Time Limit: and Retail Store Gift Card vs. Bank Card
3. Return Time Limit shortened (electronics/appliances)
4. Online vs. In-Store Gift Cards/Returns

• Restocking fees: Subjective: What stores charge the customer to return goods…a booming trend in the retail industry. Between 5-25%. Charged on electronics, appliances and other popularly returned items during the holiday season. * No opened boxes, everything intact, not used. Target, Circuit City, Best Buy: 15% Crate & Barrel and Furniture Retailers: Depends Costco: Best ~ for electronics. Most of the electronics stores are extending returns for the holidays until mid-January.
• Gift card time limits ($18 b): Until a few months ago large retailers were trying to shorten the time limit of the gift card. Cards lose value over time…it was a balance sheet decision. Beginning in the Spring of ’06 several states began to incorporate a policy which has made it impossible for retailers to shorten the limit of gift cards less than 2 years. (Bloomingdale’s-2 years) Most retailers have no time limits. Transferring gift cards to cash…a thing of the past (Exception: Menards)
• Retail cards: No fee charged to process the card and no fee charged monthly for unused balances Continue reading »