It’s time to map out a shopping strategy

Be sure you know what a store’s return policy is.

Orlando Sentinel

ORLANDO, Fla. — It’s Thanksgiving — time to map out your holiday shopping strategy. Here is a look at what early shoppers should consider.

PRICE

You can either buy today or take a gamble and wait for a sale. Tod Marks, a senior editor at Consumer Reports, says consumers should consider buying clothing early in the shopping season while there are plenty of sizes and colors.

But waiting to buy electronics might pay off because if sales of items such as flat-screen TVs are slow, retailers may cut prices closer to the holidays to clear out inventory.

A word of warning, however: The credit crunch has hit retailers, too, so they are stocking smaller inventories to avoid unloading unsold items at clearance prices after the holidays.

What’s there today may be gone tomorrow. Do you feel lucky?

RETURNS

Suppose you buy your child that “I’ve got to have that” toy now and on Christmas morning, Junior’s tastes have changed.

If the store has a strict, 30-day return policy, you may be stuck with that unwanted present.

So, smart shoppers should ask if the return period has been extended through the holidays. And asking for a gift receipt should be automatic.

“Most retailers have gone to a 30-day return policy,” said Daniel Butler, vice president of retail operations for the National Retail Federation. “Each one sets its own policy, though, and that is why you need to check.”

He said the rules often will be posted at the cash register.

Marks said with increasing fraud in merchandise returns, many retailers are following policies to the letter. But others are more lenient, and if you don’t open the box, they will take it back.

LAYAWAY

Is layaway gone forever? Maybe not.

Even though Wal-Mart, the nation’s No. 1 retailer, axed its layaway department in 2006, the Depression-era practice of putting aside your purchases to be redeemed when you finish paying for them is trying for a comeback.

Kmart is one of the few retailers still offering layaway and has made a point of letting customers know it’s out there.

A company that started in 2005 and operates out of Tallahassee, Fla., eLayway, offers virtual payments for goods and services from more than 1,000 online merchants.

Michael Bilello, senior vice president of business development, said the company hopes to offer virtual layaway to customers at real-world stores in the future.

WARRANTY

The advice here is similar to what to do about returns.

If you are buying something with a warranty, check to make sure it does not expire before your gift is unwrapped.

Marks said that most electronics have a 90-day warranty, but some retailers shorten warranties in hopes that the consumer will buy an extended warranty. He said those rarely pay off, calling them a “sucker’s bet.”

So always ask about the warranty provisions before buying.