How many retailers are doing this?
We bought a big ass TV from Nebraska Furniture Mart and they guarantee a refund if they drop the price anytime in the next 60 days (I think, I could be off).
Price dropped an led we got a $400 rebate. No hassle.
What is their return policy? It makes sense to guarantee a price drop during at least that period.
A few months after we bought our son’s MacBook at Costco we got a $100 Costco gift card in the mail because the price dropped, it was a nice surprise I didn’t realize that they did that.
Same thing happened to me a couple of years ago, also from Costco. Bought a Bose headphone.
Few months afterwards, received a $20.00 check in the mail because of a price drop.
I had no idea they did that, just another example of what an awesome company Costco is.
Just a side note…Costo is one of those companies that put shareholders last.
Which is great for customers and not so great for Costco shareholders, the stock is down year to date.
NFM has a pretty open return policy,
For now it is. Long term when a loyal customer base is keeping the company going will likely be a different story.
The practice of robbing Peter to pay Paul — i.e. making operations crappy & inefficient in order to transfer largesse to the shareholders — is a failure of corporate culture more than anything else, which is simply a function of inertia. People succumb to their greed and carelessness because nothing is stopping them from doing so.
It will take disruptors like Costco to shift that paradigm and make that kind of reckless behavior unprofitable via competition.
Privately traded companies like Chick-fil-A are also playing a role here. Keeping their business safe from hostile takeovers. CFA has been kicking the fast food competition’s ASSES for many years — even without handicapping the numbers to account for 6 days of weekly revenue rather than 7.
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If a store refused to refund a price drop difference but a customer was still within the return policy window, the customer could simply return the item and then purchase another one at the lower price. It only makes sense to refund the difference, and it goes a long way towards building good will too.
This may seem like common sense, but not everybody sees it that way. I recall many years ago when I was working retail. I had been there for about a month when Christmas passed and they dropped the prices on many items. The company handbook specifically said that they would refund a price drop difference for thirty days, which was the same as the return policy. However, the district manager said not to refund any price differences and I recall at least one lady being really upset about it. Had I been her, I would have told them that she was returning the item and that they could refund the entire purchase and take the item and stick it where the sun don’t shine.
That was just flat out stupid and was one example - though not the only one - why I hated working in retail.
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Another thing about this transaction was the sales kid explained this to us in detail as we were buying and the process was automated and painless.