Jeweler Credits Other Stores’ Gift Cards

David Jay Jewelers in Warrington,
Pa., is making bank off of unwanted holiday gifts this month. The jeweler is
currently running a gift card exchange promotion through the end of January.
 
Co-owner Scott Slobotkin tells JCK
that customers can bring a transferable and verifiable unused gift card to
David Jay Jewelers to use toward an in-store purchase. “They need to spend it
for three times the amount of the gift card,” Slobotkin says. “So people with a
Target gift card worth $25 can get the dollar-to-dollar amount and use it to
spend $75 in our store.”
 
Slobotkin says this is the second year the store is running the promotion,
which was conceived as a way to “draw in after-holiday traffic.”
 
In 2010, David Jay Jewelers took in about 50 gift cards and Slobotkin says they
are on pace to exceed that amount this year. On average, the store sees gift
cards ranging from $10–$100, with the highest being $1,000 last year.
 
The promotion launched online Christmas Day with specific consumers in mind:
those who need or want a piece of jewelry and for the jewelry lover. “It’s
fun,” Slobotkin says. “We had someone this year exchange a gift card to a store
that he liked. However he wanted to apply the dollar amount to a gift for his
wife.”