With the boom of online shopping, brick and mortar retail stores are losing popularity and closing at almost an alarming rate. This phenomenon does provide some opportunity for consumers to save some significant money.
I was shopping for camping gear with my son, as he is preparing for a week long school trip to the Boundary Waters in northern Minnesota. I remembered hearing that Gander Mountain had entered bankruptcy, and had just announced they were closing all their physical retail stores. Pulling into the parking lot, there were signs plastered across the storefront advertising a Going Out Of Business sale, with merchandise marked down up to 30%.
After picking up the needed gear, and talking with some of the employees, we gained some insight as to how to best take advantage of a going out of business sale:
Save Money Now
The most obvious part of a going out of business sale is that retailer is looking to liquidate their inventory, so things go on sale right away. By shopping right when the sale starts, money can be saved with the largest selection of products available.
Not Everything Is On Sale
High demand and low profit margin items may not go on sale right away. As people come into the store to shop the sale, they may just end up buying some of these items just because they are in the store already OR they simply may not realize not everything is on sale.
Save More Later
As the sale progresses, the discounts will increase. The product selection will decrease, however. It never hurts to keep checking to see what’s left as the discounts hit 50% or more. Sometimes you can find an item you need at a fantastic price.
Side Hustle Opportunity
Right under the Going Out Of Business Sale sign on the front of the store, was a banner saying, â€œNow Hiring.â€ It may seem counterintuitive at first, but the fact is the business may be very busy for a time while they slash prices to liquidate the contents of the store. A short-term job at a store going out of business can be a great way to earn some extra cash knowing that the job will eventually end.
There will always be retailers that need to downsize or go out of business entirely. Using the above techniques, savvy consumers can take advantage of going out of business sales not only to save but even make money.
Have you ever taken advantage of a going out of business sale? Did you wait for higher discounts? Have you ever taken a temporary job working at a business that was closing?