AMERICAN EXPRESS AND RITE AID FIRST TO OFFER THE AMERICAN EXPRESS GIFT CARD TO CONSUMERS IN DRUGSTORES
NEW YORK, December 2, 2004 -- Just in time for the holiday season, American Express today announced an agreement with Rite Aid drugstores to offer its customers the American Express® Gift Card. The American Express Gift Card, available in $25, $50, and $100 denominations, is being sold at Rite Aid’s 3,400 stores nationwide.
The American Express Gift Card lets consumers get exactly what they want, from wherever they want it. Instead of one place, it’s good all over the place, at millions of retail stores and restaurants in the U.S. that welcome the American Express Card. The American Express Gift Card is replaceable if lost or stolen.*
“ Consumers are looking for a hassle-free way to do their holiday shopping. Our partnership with Rite Aid gives people the option to avoid crowded stores and buy an American Express Gift Card in a convenient drugstore setting,” said Valerie Soranno Keating, president of American Express Global Travelers Cheques and Prepaid Services. “Our research shows that offering universal gift cards drives incremental customers into stores. In one survey, 29 percent of consumers told us that they would consider making a separate trip to a store to purchase an American Express Gift Card.”
“Rite Aid is excited to strategically partner with American Express to be the first major drugstore to offer the American Express Gift Card,” said Bill Renz, Rite Aid vice president of general merchandise. “Prepaid services are growing rapidly in popularity and we are committed to offering our customers many prepaid options including prepaid phone cards, prepaid internet, prepaid wireless, and now prepaid gift cards.”
The prepaid category is going mainstream with gift cards leading the way. In just five years, gift card sales more than tripled from $22 billion in 1999 to $72 billion last year. That number is expected to grow exponentially to $347 billion by 2007, predicts The TowerGroup, a leading industry analyst firm. Analysts agree that the category, once dominated by calling or phone cards, has a huge market potential.
About American Express
American Express Company is a diversified worldwide travel, network, and financial services provider founded in 1850. It is a leader in charge and credit cards, travel, financial planning, investment products, insurance and international banking.
American Express is a leader in prepaid products. In addition to the 113-year old American Express Travelers Cheque - the preeminent brand welcomed worldwide - the Company issues other prepaid products including the TravelFunds® Card, Cheques for Two, Gift Cards, Gift Cheques, the Be My Guest dining card, and a range of corporate incentive prepaid products through American Express Incentive Services.
About Rite Aid Corporation
Rite Aid Corporation is one of the nation’s leading drugstore chains with annual revenues of more than $16.6 billion and approximately 3,400 stores in 28 states and the District of Columbia. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.
* Terms and Conditions apply
Contacts:
Stephanie Stegich
212.640.6221
Stephanie.A.Stegich@aexp.com