Retailers are bracing for 'return-uary' as post-holiday returns are projected to exceed $800 billion nationwide this year.
In what many have dubbed "returnuary," the post-holiday return rush is kicking off—but be aware that you might not be getting all your money back.Many will be returning or exchanging holiday gifts both online and in-store over the next few weeks due to a sizing issue or just personal preference.
The National Retail Federation says total returns for the retail industry are projected to reach more than $800 billion this year.But if you are making a return through a store’s website, many of them are charging restocking fees. Places like Macy’s, TJ Maxx and Kohl’s are charging fees— often anywhere from $8 to $12 for anything returned by mail. Best Buy is charging $45 for activatable devices like phones and tablets if they’ve been opened.Shoppers at Arizona Mills Mall the weekend after Christmas had mixed reactions to the idea of a restocking fee."It's basically an inconvenience fee, you know, like oh we had to take it back and fold it right and make sure you know, it wasn't damaged. And that does cost money," said shopper Lacey Pryor.Shopper Ralph Alvarado disagreed. "I don't think it's right, because when you buy, you buy, you pay the price for it. Why should you have to pay to get it returned?""That doesn't seem right. I mean, everybody knows that you're buying it off online, so you're not able to try it on," said shopper Alicia. "So I guess maybe as long as they're upfront about it that they're going to charge you a restocking fee. Maybe. But I don't like it. Any time somebody’s taking more money from me I don’t like it."Typically, fees at these stores can be avoided if items are returned in person. For more tips on how to best approach your returns, click here.
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