K mart to Test-Offer Financial Services

Associated Press

K mart Corp. said Monday that it has reached agreements to provide some banking, real estate brokerage, mortgage and consumer financing services at 31 stores nationwide in a test of what could be a multimillion-dollar market.

Under the agreements, K mart will lease space in stores to various financial institutions that will staff booths with their own employees to provide the services.

"We know that insurance products will sell very well in K mart stores. We also know that limited bank savings instruments will also do very well in K mart stores. We're not sure at this point, because we've not done it before, on the real estate, mortgage and the consumer loans," said Robert Brewer, K mart executive vice president for finance.

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