History
Trading stamps first became popular in the United States. Sperry & Hutchinson began offering stamps to United States retailers in 1896. They bought stamps from S&H and gave them as bonuses with every purchase based on the amount purchased. The stamps were given away at filling stations, corner shops and supermarkets. When the customer had collected sufficient stamps in collectors' books, the shopper claimed merchandise from a catalogue or S&H Green Stamps shop.
Richard Tompkins purchased the name Green Shield from a luggage manufacturer and founded Green Shield Trading Stamp Co in 1958, along similar lines to S&H Green Stamps. They were popular during the 1960s and 1970s. Competing trading stamp schemes included Pink Stamps (a UK operation of S&H Green Stamps), British consumer co-operatives' dividend stamps, Blue Chip and the short-lived UK operation of King Korn.
In the early 1960s Green Shield built a new headquarters office block in Station Road, Edgware, Middlesex (a suburb on the north-west London fringe). The contractor, Wates, employed a yellow tower crane that dominated the area until construction was complete. The photo shows this building on New Year's Eve 2011, looking generally west. With the end of Green Shield Stamps, the block was renamed Premier House. The two-storey retail unit on the far side of the block was originally Times Furnishing (prices in guineas). Beyond that, in the distance, is seen the old Edgware Post Office. Behind the block was the remains of the LNER mainline railway station, since demolished to make way for the Broadwalk shopping centre.
Tesco founder Jack Cohen was an advocate of stamps; he signed up in 1963, shortly after his competitor Fine Fare adopted S&H Pink Stamps, and Tesco became one of the company’s largest clients. But Cohen was a fan of pile it high and sell it cheap, and in the mid-1970s faced cost problems associated with not integrating its stores. In 1977 Tesco launched Operation Checkout, price-cutting aimed at countering the new discounters such as Kwik Save. A decision was made to abandon Green Shield stamps, saving £20m a year and helping to finance price reductions.
In light of a price war, and higher prices where the stamps were sold, consumers prices were rising to cover costs - and as inflation was high, the value of the stamps was going down. On the high street the main suppliers of Green Shield stamps became the filling stations. Aimed at company drivers, who didn't care about the cost of fuel, competing stations began to offer Double, Triple, Quadruple and even greater multiples of stamps. As sales slowed and other retailers abandoned the scheme, Green Shield Stamp catalogue shops began to offer part stamp redemption and part cash, for the goods in their catalogue. The proportion of cash accepted was slowly increased until the goods could be purchased, outright, without the need for any stamps. With this groundwork laid, the catalogue stores, warehouses and vehicle fleet were re-branded Argos in July 1973. The company suspended sale of stamps in 1983, then had a short revival in 1987 involving 2,500 shops, finally ceasing in 1991.
Read more about this topic: Green Shield Stamps
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