Alula Making it Easy for Retail Customers to Exchange Gift Cards for Cash

According to the National Retail Federation, the U.S. gift card industry is responsible for annual sales of $28 billion. However, Time Magazine recently reported that as much as $2 billion in sold gift card value went unredeemed last year. With almost 8 percent of all gift cards languishing unspent, it is likely that most shoppers have at least one such ignored card in their wallets. Now, one company is making it possible for consumers to conveniently exchange unwanted gift cards for cash, all while running their usual day-to-day errands.

Recently introduced in a handful of stores across the United States, Alula is already garnering significant media attention as an innovative new addition to the retail landscape. The company operates a line of self-service kiosks where customers can simply insert unwanted gift cards and receive cash on location. Much like the popular Coinstar cash-for-coins kiosks, Alula gives the customer a voucher that can then be redeemed for money at the store register. Each gift card traded is worth between 60 and 85 percent of its original value.

Alula prides itself on its simplicity. There is no need to haggle with a store salesperson. There are no mail-in rebates. The customer receives cash in hand in a matter of minutes. The company is also working hard to protect its customers and eliminate potential fraud, by requiring users to
identify themselves and limiting the number of gift cards that can be redeemed in a given period.

Currently, Alula accepts gift cards from over 170 companies, including major retailers like Best Buy, Target and Home Depot, national restaurant chains like Chili’s, Cheesecake Factory and Olive Garden, entertainment companies like Cinemark, AMC Theaters and Ticketmaster and convenience store and fuel retail chains, such as Shell, Texaco and Exxon Mobil. Gift cards purchased by Alula are resold at a discount through other channels and company partners.
Currently, Alula is available at Columbus, Ohio-area Giant Eagle locations, Phoenix-area Safeway locations and Chicago-area Jewel-Osco locations. More Alula kiosks are expected to launch in the near future.

For more information on Alula, visit www.alula.com or call 855.462.5852.

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