Chase is currently running a promotion where you can redeem points for select Gift Cards at either a 10% or 20% discount depending on the brand. It's scheduled to run through the end of September so there's no real rush, just an interesting redemtion alternative to consider.
Keep in mind that I'm not necessarily recommending redeeming in this way, I'm fully aware that transfering the ultimate rewards points to airline or hotel programs can provide a better value but this still works out to 1.25c per point (on the Lands End and Gap GCs) and could be very handy if you need something and are short on cash. Land's End GCs are redeemable at Sears, and I would certainly consider redeeming for them if I was low on cash and needed something like an appliance or a new grill. Similarly, if I needed to do back to school shoping I would consider the Gap giftcards as they can be used at Old Navy, Gap, Banana Republic, and their outlet stores.
I won't personally be taking advantage of this offer, largely because I'm not in the market for anything from these particular stores right now but also partially because I redeemed most of my Ultimate Rewards points earlier this year for roughly $1800 worth of Southwest Airlines flights. I mention this because, I full well knew that I could get more "value" by redeeming for high end hyatt hotels or business class international flights, but these weren't things I needed. I needed (or I should say wanted since I could have chosen not to travel) 6 Southwest Airlines tickets and couldn't or at least didn't want to spend the cash on them.
My point here is simple; Always consider the best value for you when making redemptions and keep in mind this can change over time. This year, my best value for UR points was Southwest flights, next year it could be first class international tickets or it could be giftcards.