Stores hope stimulus sparks spending spree
Enticing shoppers to stimulate sales figures, some businesses are offering promotions for people cashing in their federal income tax rebates, while others are just hoping that some of that cash might end up in their registers.
In Danville and across the nation, many large chain stores are offering to cash the economic stimulus checks — the first round of which went out this month — and are throwing in a little extra.
Checks are being issued based on the filer’s last two digits in their Social Security number. For people who opted for direct deposit and filed on time, the last round of checks was set to go out Friday. The first round of checks by mail also was set to go out Friday.
Wal-Mart and Lowe’s will cash the checks, while other retailers are sweetening the deal.
At Sears, if a consumer opts to convert their whole check into a Sears gift card, the store will add on 10 percent of the check to the card. In this scenario someone who got $600 back, if they went to Sears, could get a $660 Sears’ gift card, explained general manager Gary Herndon — noting that the gift card never expires.
“Especially for customers who plan on major purchases, like a lawnmower, appliances or a TV (they) increase their purchasing power by 10 percent,” he said.
Along the same lines, Boscov’s is offering incentives of its own. Shoppers who cash their checks at Boscov’s will get a gift card to the store valued at 10 percent of their check, up to a limit of $300.
Both promotions run through July, when the last of the checks will be mailed.
A few locally owned stores aren’t using the checks to entice customers, but are confident in their customer base.
“I thought about that,” said Barry Koplen, of Abe Koplen Clothing Co. on Union Street, of having some kind of “stimulus promotion.” He opted not to do the promotion.
