Retail is going through rough waters. Whether you’ve read about Target shutting its Canadian doors or noticed your local Radio Shack lock its doors, major chains are folding at an alarming pace.
It’s uncomfortable to celebrate someone’s misfortune in business. Still, there’s one clear upside: store-closing clearances can deliver substantial savings for shoppers. From fashion fans hunting deals at Kate Spade Saturday to appliance-seekers browsing Sears, now is a good moment to recognize which retailers in your area are shutting down.
The trick to scoring real bargains during liquidations is to proceed with caution. Here’s how to be shrewd at a liquidation sale.
1. Know the Business
One shop in my city has displayed a “going out of business” banner in its window for years. Initially I assumed the closure had been postponed and that hope remained. Eventually I realized: They’re using that “closing” sign to lure bargain-hunting visitors.
If you’ve heard the news that a national chain like Circuit City or Wet Seal is folding, you can trust the sale is genuine. But if you stumble upon a smaller independent store and aren’t sure whether the liquidation is real, a quick online check on your phone will usually clear things up.
2. Check Prices Ahead of Time
This advice is crucial if you’re after a specific item, like electronics or home furnishings. Enter a liquidation event knowing what comparable products sell for at their regular price. You might also research items a little above your budget to understand pricing at that tier. Keep your findings on your phone or in a small notebook you bring along while bargain hunting.
Why bother instead of dashing into a going-out-of-business sale and grabbing whatever looks cheap?
Because: liquidation sales are about recouping cash, not handing out bargains. Many retailers close due to heavy debts. Third-party firms often oversee close-out events, and their objective is to extract as much money as possible in the shortest span.
So that price tag you see as inventory thins? It could beconsiderablyhigher than the product’s usual retail cost. A 30% markdown doesn’t amount to much if it simply returns the price to what you’d pay at a thriving store down the road.
3. Pick the Best Time to Visit
The Associated Press noted that a “typical” liquidation sale runs eight to ten weeks. If you shop early, discounts may be only 10%–15%. If you shop in the last couple weeks, you’ll likely find steep markdowns — though mainly on whatever’s left on the shelves.
My ideal window is the third week of a closeout. You can often score solid deals if you need to buy immediately. Equally important, you can assess how much stock remains. If there are only three boxes of that stereo you want, you’ll know to make the purchase.
4. Be Vigilant About Warranties
Whether you’re eyeing a television or a bike, confirm that any advertised warranties are backed by the manufacturer or the brand — not the shop you’re standing in. That store may disappear soon and won’t be around to handle warranty calls if an issue arises.
This is another reason to research before you shop. Brands that provide warranties typically state that clearly. Read about warranty options for items you might buy at a liquidation so you can purchase with confidence.
Want an extra layer of protection? Use a credit card for liquidation purchases. Imagine you buy a product that needs assembly, and you can’t open the box until a week later. The liquidation crew might already be gone — leaving you stuck if parts are missing or defective. The Better Business Bureau suggests charging liquidation buys as a backup when the store can’t help.
5. Hunt Classifieds and Local Listings
Retailers often post items on Craigslist when a lease is ending. Scan Craigslist or your preferred classifieds for listings labeled “retail supplies,” “store closing” or “everything must go.”
Sometimes these ads contain leftover inventory, but frequently they’re selling store fixtures. At larger retailers you might find display cases or adjustable shelving; at small local shops you could pick up wooden hangers, furniture or tools at bargain prices.
Don’t be dazzled by listings until you inspect the items in person. When you use retail fixtures daily, you may overlook minor flaws or wear. As a careful buyer, bring a fresh perspective to the sale to evaluate whether the items are worth the price.
If you’re curious about broader questions regarding clearance events, check out resources like are liquidation sales worth it and local opportunities such as college surplus sales for more insight.
Your Turn: Do you shop liquidation sales? What’s the best bargain you’ve uncovered?
