▪ Store Closings and Going Out Of Business Sales

About MDM

25 years shopping thrift stores, estate, garage, rummage, flea markets and tag sales. 10 years in interior design. Current DIY projects have been renovating two turn-of-the century brownstones and commercial/residential property development.
Read more...

Shopping Directory

Admin

▪ Store Closings and Going Out Of Business Sales

January 11th, 2006 by markdownmom

Store closings presents a paradox for the bargain hunter. Although it means that all inventory will sooner or later be discounted, at the same time it can mean a loss to the community. There are a number of reasons a store closes. Internal retrenchment, consolidation, relocation, retirement, or a bad bottom line. Whatever the cause, the hunter can obtain a bargain if he/she is aware of some potential pitfalls. Pitfalls. The store may hire a professional liguidator or may handle the sellout with current staff/owner. Usually the first markdown of a closing or going out of business sale is anywhere from 10% to 30%. However, some liguidators have been known to raise all merchandise prices, which may have been discounted previously, to the original retail and then proceed t0 take the markdown. Therefore, you may go in to buy an item that was previously on sale for $29.99 expecting a 30% reduction with a new price of $21.02 only to receive a sticker shock of the original retail price of $39.99 being listed. After the 30% discount, the item you expected to pay $21.02 will cost you $ 28.02. Another pitfall is to watch for additional inventory being brought in by the liquidator, ’salting‘ the sale (more on this practice later). Best Deals. Still a third pitfall is that a ‘going out of business sale’ does not necessarily mean that, but in fine print may mean a change in current inventory. As with all bargain hunting to get the best deal and avoid the pitfalls, knowledge of the store’s merchandise and prices is paramount. MDM always follows the rule that unless you desparately need an item, it is prudent to wait for the best price you can get even at the peril of losing it. An acceptable discount is 50%, a better discount is 75%, and the best discount is 90% or below cost, whichever comes first. Bargains Within Bargains. Besides the merchandise, be sure to look for bargains involving shelving, display counters, and other furniture for doing business. MDM has bought freestanding chrome and aluminum shelving for storage at prices that were comparatively low to restaurant suppliers or buying similar items in the household section of chain department stores or diy home improvement stores. Current Closings. Keeping that bit of information in mind, be sure to check your local TOYS R US. 70 stores are being closed. However, for those communities that will be losing their store, remember you can always shop online at www.toysrus.com. Camp Snoopy Mall of America[www.campsnoopy.com] The Mall of America is changing its central point of entertainment resulting in the closing of Camp Snoopy. Items are being sold at its Bloomington, Minnesota location at discounts of 40%. www.campsnoopy.com is having a sale of 50% off its plush toys until January 15.