Now that Christmas is over, many people will be back at stores returning gifts, and for those who haven't made a return in a while, you may notice a few changes.
While some companies provide an easy and free return experience, many are bringing back restocking fees and getting stricter about having a receipt for the items.
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Retail analyst Burt Flickinger with Strategic Resource Group says the median loss for a store on a returned item is $35. With the National Retail Federation estimating 17% of all holiday purchases end up back at stores as returns, he says it is driving retailers to tighten up.
"A lot of stores are only allowing returns for 15 days, most are only allowing for 30 days," Flickinger said.
He said the companies are also using these return policy changes to help combat fraud, which has been on the rise.
His advice to consumers is not to put off the return, "especially if it's a retailer filing for bankruptcy, [Thursday] or [Friday] is the best day to cash in gift cards or return merchandise to Party City, Big Lots, or anyone else that's filed for bankruptcy and failed recently."
While speaking with customers making returns at a mall in Santa Anita, one woman told KNX News' Craig Fiegener that carefully evaluating a retailer's return policy before purchasing a gift is the best way to go.
For those of us who did not think that far ahead, Flickinger recommends making in-store returns on weekday mornings when stores aren't usually as crowded.
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