Erin Harris, Editor

Consumers spent $25 billion on gift cards in 2008. Even though that amount is down 25% from 2007, $25 billion is a serious figure. Indeed, The National Retail Federation states 55% of consumers wanted to receive gift cards during the 2008 holiday season. As consumers redeem their gift cards throughout 2009, they will rest easy knowing that most of those cards won’t expire. That’s because many retailers have relaxed their expiration date policies or detached expiration dates altogether from their gift cards. Let’s face it — it’s no secret that times are tough right now. If your store encounters economic hardship or bankruptcy (e.g. The Shaper Image, Levitz), should you still accept funds from gift cards? Absolutely.