Synchrony Financial and The Container Store to Introduce New Consumer Credit Card Program
New financing options available Spring 2016
STAMFORD, Conn. & DALLAS–(BUSINESS WIRE)–Synchrony Financial (NYSE:SYF),
a premier consumer financial services company with 80 years of retail
heritage, and The Container Store (NYSE:TCS),
the nation’s originator and leading retailer of storage and organization
products, today announced a new, multi-year agreement to offer a private
label credit card program for customers. The card will be available for
use in the retailer’s stores and online and is scheduled to launch in
the Spring of 2016.
The Container Store Credit Card will provide financing options for the
purchase of more than 10,000 products, customized services and
organization solutions such as custom closets, including its new, luxury
TCS Closets® collection and its popular elfa®
closet system. Qualifying cardholders1 will enjoy special
financing offers and online and mobile account management.
“The Container Store is a retail innovator and we are excited to partner
with its experienced team to provide payment options that help customers
fulfill their aspiration for productive and organized homes,” said Glenn
Marino, executive vice president and CEO, Payment Solutions, Synchrony
Financial. “We share The Container Store’s commitment to provide a great
experience, exceptional service, and relevant and valuable solutions for
its customers.”
Shoppers spend 68 days, on average, researching both a major purchase
and the availability of financing, according to Synchrony Financial’s
Fourth Annual Major Purchase Consumer Study.2 Of cardholders
surveyed, 75 percent said they always seek promotional financing when
making a large purchase. The study also confirmed that the in-store
experience is important in all major purchase decisions, with an
overwhelming majority of shoppers buying in person.
“Our busy, time-starved customers look to us to deliver on the promise
of an organized life, so that they can live life to the fullest, and our
job is to make that easy for them through customized solutions and
personalized customer service. Providing financing options is just
another example of our increased focus on adding convenient offerings to
our service repertoire that our customers expect and deserve from us –
things like free shipping on orders over $75, click and pick up and
enhanced delivery options,” said Kip Tindell, Chairman and CEO of The
Container Store. “Whether we are designing a luxurious, custom TCS
Closet for them, working with them directly in their homes through our
Contained Home service or customizing the perfect storage solution using
our 10,000 innovative products in their kitchen, office, garage or kid’s
room, our customers need and want our assistance. The Container Store
Credit Card will help many of our customers complete the storage and
organization projects they have been dreaming about. Synchrony Financial
brings a deep understanding of the retail environment and shopping
preferences, and we look forward to partnering with them to further
drive engagement and loyalty with our beloved customers.”
1Subject to terms and conditions.
2Synchrony Financial’s Fourth Annual Major Purchase Consumer
Study, conducted by a third-party, reflects the average experience of
consumers making purchases valued at $500+.
About The Container Store
The Container Store (NYSE: TCS)
is the nation’s leading retailer of storage and organization products
and the only retailer solely devoted to the category. The company
originated the concept of storage and organization of retailing when it
opened its first store in 1978. Today, the retailer has 75 store
locations nationwide that each average 25,000 square feet. The Container
Store has over 10,000 products – many of them multifunctional – to help
customers save space and, ultimately, save them time. As the pace of
modern life accelerates, being organized is not a luxury but a
necessity. The Container Store is devoted to making customers more
productive, relaxed and happier by selling customized organization
solutions such as custom closets using its new TCS
Closets™ collection and its elfa closet
system. Since its inception, the retailer has nurtured an employee-first
culture and couples its one-of-a-kind product collection with a high
level of customer service delivered by its highly trained organization
experts. The Company has been named to FORTUNE magazine’s 100 Best
Companies To Work For® 16 years in a row. Visit www.containerstore.com for
more information about store locations, the product collection and
services offered – including the retailer’s new, personalized in-home
organization service Contained
Home – and to sign up for the POP!
Perfectly Organized Perks program. Discover The Container Store’s
storage and organization solutions at work in real spaces of its
customers’ and employees’ homes along with tips, advice and product
sneak peeks at the retailer’s new lifestyle blog, Container Stories (containerstore.com/blog).
To find out more about The Container Store’s unique culture, Foundation
Principles and devotion to Conscious Capitalism, visit the retailer’s
culture blog at www.whatwestandfor.com or read
Chairman & CEO Kip Tindell’s book UNCONTAINABLE: How Passion,
Commitment, and Conscious Capitalism Built a Business Where Everyone
Thrives (available at The ContainerStore, www.uncontainable.com and
anywhere books are sold).
About Synchrony Financial
Synchrony Financial (NYSE: SYF)
is one of the nation’s premier consumer financial services companies.
Our roots in consumer finance trace back to 1932, and today we are the
largest provider of private label credit cards in the United States
based on purchase volume and receivables.* We provide a range
of credit products through programs we have established with a diverse
group of national and regional retailers, local merchants,
manufacturers, buying groups, industry associations and healthcare
service providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
300,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety of
credit products to finance the purchase of goods and services. Synchrony
Financial (formerly GE Capital Retail Finance) offers private label and
co-branded Dual Card credit cards, promotional financing and installment
lending, loyalty programs and FDIC-insured savings products through
Synchrony Bank. More information can be found at www.synchronyfinancial.com,
facebook.com/SynchronyFinancial
and twitter.com/SYFNews.
*Source: The Nilson Report (April, 2015,
Issue #1062) based on 2014 data.
©2015 Synchrony Bank/Synchrony Financial, All rights reserved.
Contacts
For Synchrony Financial
Cristy Williams, 855-791-8007
media.relations@synchronyfinancial.com
or
For
The Container Store
Casey Shilling, 972-538-6621
publicrelations@containerstore.com
