News

Sears, Citigroup exploring financial-services kiosk

January 29, 2004

CHICAGO -- Sears, Roebuck and Co. plans to offer financial services such as home mortgages in its stores through a partnership with banking giant Citigroup Inc., Sears Chief Executive Alan Lacy said yesterday.

"We know that customers will buy financial services products from us," he said in a Reuters article. "Now, with us in partnership with the world's largest financial services company, their entire product line becomes available."

The retailer plans to test what he called a "Citigroup presence" at its new Sears Grand store in Gurnee, Illinois, north of Chicago, which is slated to open in April. Lacy said that might consist of a self-service kiosk or a mini-branch staffed by Citigroup employees.

Lacy said Sears, which sold its credit card business to Citigroup in November, is in the very early testing stages of its new program, but hopes to offer mortgages, money transfers and other services in its stores.