Supermarket chain Cub Foods, a subsidiary of SuperValu, is the first retailer to deploy automated kiosks from Goldstϋr, placing them in stores in the Minnesota cities of Silver Lake, Stillwater, Midway, Coon Rapids and Apple Valley.
With the self-serve kiosks, consumers can discover the value of their gold or silver jewelry and later exchange it for cash or gift cards. For a $2.00 appraisal fee, the kiosks use a patented algorithm to quickly assess items, and offer a bid within two minutes based on current commodities market pricing.
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. Consumers are not required to part with their jewelry, as in a cash-for-gold mail order service.
The kiosks also represent another potential form of revenue and store traffic for the retailer, and there is no cost of ownership or labor associated with them.
“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,” said Kevin Miller, COO of Goldstϋr. “And we plan to expand rapidly by targeting busy shopping malls, supermarkets and big box retailers nationally.”