more on… Free…

Thought I would take the “free” thing a little further today….

Back when I was in the restaurant business, I wanted to stop selling gift certificates… I would explain to folks how so many are never redeemed… make sure “Mom and Dad” use the certificate I would tell them… even put expiration dates on the certificate specifically so they can press the issue with “Mom and Dad” to “use it now“…  Why?   Because I knew so many certificates would never be used.

“Close to $1 billion went unredeemed on gift cards in 2015”

“$44 billion in unredeemed gift-card value has been accumulating since 2008.”

For years now, I will not go to any restaurant that advertises discounted gift certificates.  “Come on in folks and get “Mom and Dad” a hundred dollar gift certificate for only $80″.… yuck… and the business community says that’s just good business…

“Retailers and restaurants love gift cards—so much so that they load them with bonus cash in order to sell more cards. This makes total sense once you realize how often gift cards aren’t used at all, and how all those cards add up to billions of dollars in profits.”

This is called “greed”… not “good business”…  and the reason they are unredeemed is that the folks who received them didn’t pay anything for them… it was a free gift from someone else.  It didn’t cost them anything.

About philipthewolff

just ask me...
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