How To Shop A Going Out Of Business Sale
Going out of business sales are becoming more common as our culture moves more towards favoring online retail over brick and mortar stores. This subject has been discussed before here on Clever Dude when Gander Mountain closed many of its stores across the Midwest. With the recent announcement of the closure and liquidation of all Toys-R-Us, now is a great time to revisit tips on how to shop a going out of business sale.
Skip Going Out Of Business Sales
Some shoppers put blinders on when they find going out of business sales, much like what happens on Black Friday. The assumption is everything is rock bottom prices because the store is closing. This isn’t necessarily true. Liquidation sales are many times held by third party companies, and unsold inventory can be stored and sold elsewhere at a future time. There are likely some great deals to be had, but if you’re not willing to do the homework you might want to just skip shopping at a going out of business sale.
Beware Of Inflated Prices
To increase the perception of deep discounts, liquidators will commonly jack up the prices of some products during a going out of business sale. Before buying anything, price compares the product online to other retailers to find out just how much you’re saving, if anything.
Use Gift Cards
If you have a gift card for a retailer going out of business, a going out of business sale is likely your last chance to use it, or have its value lost forever. Find something you need, price compares to make sure the price hasn’t been inflated, and buy it.
Don’t Overspend On Going Out Of Business Sales
A very wise woman (my mom) once told me that it isn’t a good sale if you weren’t planning to buy it anyway. Buying something just because it’s a good deal doesn’t help you if it gets put in the back of a cupboard or in a storage closet and never used.
Don’t Be Afraid To Wait
As a going out of business sale drags on, many times the discounts will become larger. If you’ve got your eye on a product, done your price comparison research, and it doesn’t seem to be moving quickly, don’t be afraid to wait it out for a better deal.
Not all going out of business sales are created equal, and not every deal is a great one. But if you do some research, have patience, and keep your eyes open, you might end up with a great purchase.
How about you Clever Friends, have you taken advantage of a going out of business sale lately?
Brock is a software engineer by day and personal finance blogger at night. He is a fitness junkie and enjoys grilling and smoking meat. Married with two children, Brock strives to improve his skills as a husband and father, and is always on the lookout to stretch his family’s budget as far as he can.