Credit Claim Dates
RETAILERS TO GET MORE TIME TO CLAIM CREDIT FOR MAGAZINE RETURNS
1st October 2004
Cross industry agreement has been reached to provide retailers with a minimum of 16 days to claim credit for magazine returns.
This significant move for retailers was approved at a meeting of the JIG Stakeholder Group this week (September 28).
Currently retailers receive a minimum credit claim period of 14 days from the off sale date. The extension is due to take effect from the end of the year.
Chairman of both the JIG and the JIG Stakeholder Group Terry Perry said: “We believe that this will be of significant benefit to retailers. It also clearly shows that real improvements are achievable when all sectors of the supply chain work together.”
The agreement covers all retailers in mainland UK and Northern Ireland but excludes the Channel Islands and Isle of Man.
At the request of the retail associations, publishers and wholesalers will continue to explore the opportunity of further extending the returns date to a minimum of 17 days.
Perry added that progress was being made in a number of other key areas. Publishers and wholesalers were exploring ways in which dual supply retailers could be credited when returns went to the wrong wholesaler. New standards for electronic communications had been published and revised Best Practice Guidelines for voucher production and processing were due to appear shortly. Final details were being agreed for a new FODI trial to improve delivery times.
“Whilst I would like to see things moving more quickly, I am satisfied that progress is being made within the JIG arena. Each of the working groups have clearly set out short and long term objectives to help tackle the key issues facing the industry. I look forward to constructive developments over coming months,” Perry said.
