We’re going to have to start offering tips for shopping with food stamps now that a record number of consumers —and stores— are using them.
EBT use has increased 20% from last year and formerly reluctant retailers like Costco are getting in on the action.
The cards are so “popular” that some retailers are crediting them with their “success” in the current economy.
In its third-quarter earnings report July 8, Family Dollar cited EBT as among the reasons for its success in this economy. Same-store sales were up 6.2% for the quarter, and food and beverages gained the most. Food stamps represent “a significant opportunity for us,” said CEO Howard Levine. EBT spending at Family Dollar (FDO) was up 18% from March 2008 to March 2009, says spokesman Josh Braverman.