Does Hobby Lobby Have Layaway in 2024? (Full Guide)

ByCharles Scott Last Update on

Hobby Lobby is renowned as a top destination for arts, crafts, and home decor at affordable prices. With so many products available, you may find yourself eyeing a higher-priced item but not have the funds for it yet. In this situation, layaway seems like an ideal solution – so does Hobby Lobby offer it in 2024?

Layaway Usage Has Declined Across Retailers

Layaway, which lets you reserve items by paying a down payment and incrementally paying off the balance over time, was once commonplace at department stores, specialty retailers, and discount chains. However, offerings have dwindled over the past decade.

According to retail analytics firm GlobalData, only 16% of retailers offered layaway as of 2018, down from 41% in 2009. The decline in usage is driven by several factors:

  • Overhead costs – Layaway requires extra staffing, storage space, and accounting expenses. For example, Toys R Us reportedly spent $10 million annually to administer layaway.

  • Lower demand – The rise of credit cards and other financing options has reduced consumer demand for layaway.

  • Restocking costs – When customers fail to complete layaway payments, retailers lose sales and incur costs to restock. This occurred 7% of the time per one estimate.

  • Online shopping – eCommerce makes it easier to purchase immediately with credit rather than planning ahead via layaway.

Hobby Lobby Discontinued Layaway Nationwide

Given these industry trends, Hobby Lobby removed its layaway program several years ago. In 2013, a spokesperson for the company explained the decision:

"We have simplified our store operations by discontinuing the option of layaway. As always, our stores will continue offering customers transparent low prices everyday as well as various coupons and special savings opportunities throughout the year."

Without releasing specifics, Hobby Lobby cited desires to cut costs and streamline operations as motivators for eliminating layaway. This mirrors why other major chains like Walmart and Kmart cancelled their programs around the same time.

Craft Competitors Also Don‘t Offer Layaway

Checking policies at other craft and fabric retailers, layaway does not appear common currently.

Michaels – Ended layaway nationally in 2013. Cited online ordering and pay-in-full as preferable options.

Joann – Does not offer a traditional layaway program. Has payment plans for classes only.

AC Moore – Discontinued layaway several years ago when the chain was acquired by Nicole Crafts.

So Hobby Lobby is aligned with competitors in moving away from layaway across its 800+ arts and crafts superstores.

The Decline of Layaway – Pros and Cons

Retail analysts have mixed opinions on the disappearance of layaway:

Pros

  • Reduces costs for retailers
  • Avoids hassles of administering complex layaway systems
  • Reflects changing shopping preferences

Cons

  • Hurts lower income consumers who depend on incremental payments
  • Results in lost sales when items are not affordable otherwise

Per Suzy Deering, executive officer at the Consumer Credit Research Foundation:

"While layaway might have been popular decades ago, it no longer fits with how people, especially younger shoppers, buy today. With online shopping and financing options, retailers have found better ways to enable customers to buy."

However, layaway advocates argue it still serves an important purpose in budgeting for major purchases.

What Do Customers Think About Losing Layaway?

On Hobby Lobby‘s Facebook page, the removal of layaway several years back prompted mixed customer feedback:

  • "This is awful! Layaway helped so many families be able to afford Christmas presents who otherwise couldn‘t!"

  • "I always hated how complicated layaway was anyways. Good riddance!"

  • "That‘s disappointing. Guess I‘ll save up and buy what I can pay for all at once."

  • "Almost no one used layaway anymore anyway. Just let us use credit cards!"

So for some customers, losing layaway created a headache, while others felt it was an outdated practice.

Payment Options Available at Hobby Lobby

Without traditional layaway, what payment choices does Hobby Lobby offer if you can‘t pay for a purchase all at once?

  • Hobby Lobby Credit Card – Get a store card and pay over time with interest. Make minimum monthly payments.
  • Zip Pay – Break purchases into 4 interest-free payments over 6 weeks. Pay 25% as a down payment.
  • Buy Online, Pick Up In Store – Order on the website and pay upon pickup in store. Gives you time to get funds together.
  • Gift Cards – Ask for Hobby Lobby gift cards as gifts and use towards bigger purchases.
  • Coupons – Use 40% off coupons on regular priced items to lower costs. Hobby Lobby runs big coupon sales regularly.

Should Hobby Lobby Resurrect Layaway?

While layaway might appeal to crafters and DIYers on a tight budget, the costs may still outweigh benefits for a retailer like Hobby Lobby. Offering additional financing and payment options likely achieves a similar goal with less overhead required. Still, in an imperfect world, layaway would provide more inclusivity and empowerment for lower income shoppers.

Charles Scott is a dynamic professional whose academic and career achievements demonstrate a strong commitment to excellence in the retail and consumer service industry. Graduating with an MBA from New York University in 2013, Charles has built a diverse and impressive career portfolio. He has held significant roles as a manager, advisor, and marketer, showcasing his multifaceted skills and deep understanding of the industry.

Beyond his direct professional engagements, Charles has made a notable mark as the head writer and founder of ExpertBeacon.com. This platform stands as a testament to his dedication to consumer empowerment and education. ExpertBeacon.com is a resource designed to assist consumers in addressing their persistent questions about products, services, and companies. Under Charles's leadership, the site provides in-depth, well-researched, and accurate information, all structured in easy-to-follow guides and articles. His work here not only highlights his expertise in the field but also his commitment to providing valuable, actionable information to the public.

Charles's approach is centered on a keen understanding of consumer needs and market dynamics, making him a respected voice in the industry. His contributions through ExpertBeacon.com and his professional roles reflect a blend of strategic thinking, practical knowledge, and a genuine desire to enhance consumer experiences in the retail and consumer service sectors.

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