Unredeemed Gift Cards Spell Added Profits for Reta
St. Petersburg, FL, August 22—-A nice added bonus to the profits of the nation’s retailers are some unspent consumer dollars, according to the St. Petersburg Times.
The newspaper said that this phenomenon, although a small percentage of the estimated $55 billion spent on retail gift cards in 2004, but it adds up.
The newspaper quoted Shopping Centers Today, noting that Home Depot has netted $48 million in income from gift cards issued since 1998 that probably never will be cashed in.
It also said that Target reported $214 million worth of its gift cards sold last year have not been spent. At Best Buy Inc., it's $410 million.
