Rent-to-own News - Aaron's converts Crusader, Buzz's to Homesmart

Homesmart -- Aaron's weekly rent-to-own brand -- announced today the completed conversion of 29 stores to the Homesmart model. The stores were acquired in July from Crusader Rent to Own.

Eight additional stores acquired from Buzz's Lease Purchase & Sales will also be converted in the next few weeks.

Homesmart is a new concept launched by Aaron's in late 2010 that has experienced robust growth and now has 56 storefronts with plans to open approximately 10 more by the end of 2011.

"Early results are positive and growth prospects are excellent for Homesmart," said Ken Butler, Aaron's chief operating officer. "Opening multiple stores a month despite the tough economy demonstrates the need for flexible, affordable rental payment options on home products used in our everyday lives. Synonymous with our Aaron's brand, we never conduct a customer credit check. This allows customers who are cash or credit constrained but have good references the purchasing power to bring the necessities of life, such as a bed, a refrigerator, or a computer for their children's studies, into their home."

Homesmart is owned and operated by the country's second largest lease-to-own retailer Aaron's, but in contrast to Aaron's monthly payment model, Homesmart offers customers weekly payment lease agreements for products including computers, televisions, refrigerators, and sofas.

Homesmart is also currently developing its executive team, with Mark Rudnick named recently as vice president of marketing. Rudnick will be responsible for leading all marketing efforts for Homesmart including brand development, guerilla marketing and advertising.

Homesmart stores can currently be found in 10 states: South Carolina, North Carolina, Georgia, Tennessee, Florida, Virginia, Mississippi, Louisiana, Texas and New Mexico. Of the 56 stores that have been open or converted, 37 were acquired and 19 were opened organically.