Retail Observer

RETAILOBSERVER.COM APRIL 2017 46 W hen it comes to the latest trends in retail products, Rent to Own centers are in lock step with major retail chains. The Rent to Own customer base is interested in the same type of products: the latest in technology for appliances and electronics, innovative features in mattresses and furniture, even the latest in designer accessories such as handbags. While the largest product segments in rent to own remain furniture and appliances, in just the last year we have seen increasing demand in product areas that weren't so common to rent to own in past years. SPECIALTY MATTRESSES Gone are the days where customers could only choose between a few standard mattress models. Today, customers want choices and the rent to own industry has responded by offering a broad line of bedding products ranging from low, mid and premium price points with a wide range of comfort and support levels. A growing demand for Specialty Bedding includes options such as memory foam mattresses, latex foam, and adjustable mattresses and frames that offer a more luxurious experience. FURNITURE TRENDS Furniture is trending towards functionality. Adjustable beds and mattresses are the first that come to mind, but furniture is evolving far beyond the basic recliner. Aging baby boomers have driven the demand for lift chairs. Once a very expensive specialty item, lift chairs are now available at a range of price points, with greater choices of styles and quality features. Beyond lift chairs, sofas and sectionals are now equipped with mechanical motion technology, making them more functional than ever before. These products are becoming a main staple in rent to own product offerings. STREAMING DEVICES Connected devices are changing the way people watch television, listen to music, and access digital gaming. Many say television is experiencing a bit of a renaissance, with content providers offering video streaming services and technology companies offering an ever-increasing number of devices to deliver this content. Over the next few years this trend will continue as virtual reality gaming will evolve even further. Over the past year, one of the hottest growing segments of rent to own has been the increase in demand of streaming devices and more and more vendors are interested in supplying this growing market by offering a wide range of options in the major device categories of streaming media. TIRES AND WHEELS Another emerging trend in RTO is tires and wheels, a segment of RTO that has exploded over the past decade. For some, wheels have become a luxury item – a way to dress up and personalize a vehicle. For others tires are simply a necessity, and with prices having risen dramatically over the last decade, the costs have become out of reach. Flexible buying options that don't include credit requirements make these products an ideal fit for RTO rental programs that offer some customers the best, and sometimes the only opportunity to get the style, finish, brand and size of tires and wheels needed. LUXURY GIFTS Few people would expect to walk into a rent to own store and see the latest in Michael Kors and Coach handbags, but chances are that in some locations, that is exactly what you will find. The desire for stylish quality gifts isn't limited to the upper 5% or those wanting to run up the credit card. Many rent to own customers have the means and the desire to make these purchases and are looking for the same selection and style available at a department store. And, with rent to own, they can change their purchase as often as the styles change. KEEPING PACE One of the best aspects of Rent to Own is the ability of storeowners to recognize the emerging trends in retail products. Perhaps in no other industry is the relationship with the customer as strong as it is at the local level. Owners and managers are uniquely able to gauge the demand for certain types of products and to meet those needs. Manufacturers today recognize what a valuable sales channel the rent to own industry is and are tailoring programs to best serve these markets. These partnerships help assure the latest product trends are available to Rent to Own customers. NEW PRODUCT TRENDS MAKING THEIR WAY TO RENT TO OWN RO Dennis Shields Rent-to-Own Trends Dennis Shields, Executive Director of the TRIB Group

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