Goldstϋr has deployed its automated kiosks for converting old or unwanted jewelry into cash or gift cards, in an agreement with Supervalu banner Cub Foods.
Goldstϋr kiosks are now in place at Cub stores in the Minnesota cities of Silver Lake, Stillwater, Midway, Coon Rapids and Apple Valley.
“As one of the largest grocers in the nation with multiple banners throughout the country, Supervalu represents a tremendous opportunity for us,” said Kevin Miller, COO of Newport Beach, Calif.-based Goldstϋr. “Retailers love us because there is no cost of ownership or labor associated with the kiosk, and it provides an immediate revenue source in a very small footprint.”
Consumers can exchange their gold or silver jewelry for cash or gift cards in a secure and accurate process. For the retailer, this approach represents a new form of revenue that Goldstϋr can capture in addition to generating additional store traffic. Moreover, it can be a hedge against declining revenues from other in-store services.
The process takes two minutes and a $2 appraisal fee, with offers based on commodities market prices that are updated every hour. Consumers can choose from a cash receipt or store gift card as payout. If the consumer decides not to accept the bid as shown on the kiosk screen, they can simply decline the offer.
“We have a strategic marketing plan that we are implementing through Cub Foods to bring consumer awareness to our kiosk concept and drive traffic to these locations,” Miller noted. “And we plan to expand rapidly by targeting busy shopping malls, supermarkets and big-box retailers nationally.”