Stroll into the airy Kit and Ace store on Woodward Avenue in Detroit and you're struck by the minimalist style that highlights the brand's comfortable, street-smart clothing line.
But if you wanted to buy a scarf, maybe one that's on sale for about $50, don't bother paying with cash. The store won't take your Benjamins — or Hamiltons, Jacksons or Grants.
It's nothing personal. It's a no-cash policy that has been adopted at other Kit and Ace stores, too.
I don't imagine anyone who favors don't-look-like-you're-trying-too-hard fashion is going to care too much if they can't spend actual cash. But the oddity of a no-cash policy does make you think. How much closer, really, are we to a cashless society? Are we looking at the beginning of a more minimalist approach to money?
"I think we are sort of on the edge of seeing more and more businesses that don't take cash," said Jay Zagorsky, economist and research scientist at Ohio State University.
Zagorsky has been talking about a transition to a cashless society for some time. He points out that some parking lots on university campuses and elsewhere no longer take cash. Many airlines no longer let you pull out cash to buy snacks or drinks because it's too difficult to make change.
Zagorsky sees a time, maybe in a few years, where more retailers do not accept cash, which could make it harder on poor families who do not have bank accounts.
Quirky brand
Ashiyana Somlai-Maharjan, a rep for Kit and Ace, said the Vancouver, B.C.-based retailer has had a no-cash policy since it opened its doors. She said the policy has not been a detriment to sales.
"Our shops are designed to be a seamless shopping experience. From the strategic layout of our merchandise, to clearly visible hangtags, to no phones on site, and cashless registers," said Somlai-Maharjan.
The retailer does other quirky things: Stores do not list telephone numbers online, and locations often hold "supper club" events for key influencers of the "creative class."
But that no-cash policy? It's still a real outlie
Read more: A cashless society? Some retailers turn noses up at currency
But if you wanted to buy a scarf, maybe one that's on sale for about $50, don't bother paying with cash. The store won't take your Benjamins — or Hamiltons, Jacksons or Grants.
It's nothing personal. It's a no-cash policy that has been adopted at other Kit and Ace stores, too.
I don't imagine anyone who favors don't-look-like-you're-trying-too-hard fashion is going to care too much if they can't spend actual cash. But the oddity of a no-cash policy does make you think. How much closer, really, are we to a cashless society? Are we looking at the beginning of a more minimalist approach to money?
"I think we are sort of on the edge of seeing more and more businesses that don't take cash," said Jay Zagorsky, economist and research scientist at Ohio State University.
Zagorsky has been talking about a transition to a cashless society for some time. He points out that some parking lots on university campuses and elsewhere no longer take cash. Many airlines no longer let you pull out cash to buy snacks or drinks because it's too difficult to make change.
Zagorsky sees a time, maybe in a few years, where more retailers do not accept cash, which could make it harder on poor families who do not have bank accounts.
Quirky brand
Ashiyana Somlai-Maharjan, a rep for Kit and Ace, said the Vancouver, B.C.-based retailer has had a no-cash policy since it opened its doors. She said the policy has not been a detriment to sales.
"Our shops are designed to be a seamless shopping experience. From the strategic layout of our merchandise, to clearly visible hangtags, to no phones on site, and cashless registers," said Somlai-Maharjan.
The retailer does other quirky things: Stores do not list telephone numbers online, and locations often hold "supper club" events for key influencers of the "creative class."
But that no-cash policy? It's still a real outlie
Read more: A cashless society? Some retailers turn noses up at currency
