Retailers are to be given more time to claim credit for magazine returns after a cross industry agreement was reached to further extend the cut-off time for returning unsold magazines.
The move, which comes into immediate effect and will provide retailers a minimum of 17 days to claim credit for magazine returns, was approved at the Joint Industry Group’s (JIG) stakeholder group meeting on September 15 and its board meeting on September 20.
The latest extension to the cut-off dates follows the first increase from seven to 14 days in July 2003, and a subsequent move to 16 days at the end of 2004. National Federation of Retail Newsagents (NFRN) JIG representative Peter Wagg said: “This is a big win for retailers as returning magazines too late for credit has had a significant effect on a newsagent’s profits.
The NFRN identified that some publishers allowed as little as four days to return unsolds for credit and we campaigned relentlessly for a more reasonable time window.”
David Taylor, who runs Taylor’s store in Fallowfield, Manchester, said: “It may be only be an extra day but it does give us a bit more breathing space, which can only be helpful, especially with magazines that sell slowly.”
The move, which comes into immediate effect and will provide retailers a minimum of 17 days to claim credit for magazine returns, was approved at the Joint Industry Group’s (JIG) stakeholder group meeting on September 15 and its board meeting on September 20.
The latest extension to the cut-off dates follows the first increase from seven to 14 days in July 2003, and a subsequent move to 16 days at the end of 2004. National Federation of Retail Newsagents (NFRN) JIG representative Peter Wagg said: “This is a big win for retailers as returning magazines too late for credit has had a significant effect on a newsagent’s profits.
The NFRN identified that some publishers allowed as little as four days to return unsolds for credit and we campaigned relentlessly for a more reasonable time window.”
David Taylor, who runs Taylor’s store in Fallowfield, Manchester, said: “It may be only be an extra day but it does give us a bit more breathing space, which can only be helpful, especially with magazines that sell slowly.”
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