By Vittorio Hernandez

Holiday shoppers would be able to purchase electronics and toys for the yearend through installment at all Wal-Mart stores across the U.S. The world's largest retailer announced the return of the layaway plan to boost its holiday sales amid the economic slump.

The layaway program, which Wal-Mart canceled in 2006 except for jewelry, will be available from Oct. 17 through Dec. 16. It will apply to all toys and electronic items with a price tag of $15 and above.

With the program shoppers could reserve certain merchandise and pay for it in installments.

The retail giant suspended the program in 2006, at the peak of the economic boom, because it caused crowded storerooms and added tasks for sales staff. The demand for the service was also declining as consumers opted to get the item immediately by using their credit cards for the purchase.

Other major retailers have brought the layaway plan back ahead of Wal-Mart; Sears and Kmart in 2008 while Toys R Us launched one in 2009.

Wal-Mart said it decided to resume the layaway program to satisfy pleas from shoppers, some of whom had shifted to other stores which had brought it back much earlier. Some of the calls made for the layaway's return to Wal-Mart were done through Facebook and other online petitions.

To have an item reserved, the shopper must place a 10 percent downpayment and the shopper must make a minimum purchase of $50. Wal-Mart also added a one-time $5 service charge and a $10 cancellation fee. The program is not available for online shoppers.

Wal-Mart Chief Merchandising Officer Duncan Mac Naughton said the return of the plan is the retail giant's way of helping American come with the Christmas seasons, which places additional financial pressure on consumers because of numerous expenses involved to celebrate the holidays.

 

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Investing - Wal-Mart Seeks to Boost Holiday Sales Through Return of Layaway Plan | Wal-Mart

 

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