The COVID-19 pandemic has brought many changes for everyone, with the business sector being hit the worst. Companies worldwide have had to stop their operations during the outbreak and implement changes afterward to ensure their and customers’ health and safety. While others proved resilient, several chose a more graceful but often heartbreaking option: to close their physical locations for good.
Retail stores bear the brunt of those closures and continue up to the post-pandemic present, resulting in the ‘retail apocalypse.’ Major retail chains such as J. Crew, Neiman Marcus, Stage Stores, JC Penney, Sears, K-mart, Bath & Beyond, Disney’s, Francesca’s, and Macy’s have closed their brick-and-mortar stores.
Smaller retail stores could follow suit. According to a UBS analysis, an estimated 800,000 retail stores, or one in 11 physical stores, will close in the next five years. Some have opted to file for bankruptcy, while others focus on shifting to e-commerce instead.
When major retail stores and boutique shops close, they dispose of their remaining stocks and inventory in several ways. Often seen as a last-ditch effort to recoup from losses, closing out sales and liquidation stocks serve as a gold mine for bargain deals for individual customers and enterprising individuals.
Ways To Obtain Stocks
Retail stores that close post-pandemic make use of liquidation sales to sell off their inventory quickly. They often dispose of their stocks either online or in-store. Both are quick dispersal methods that provide brand-new items at discounted prices.
- Online Liquidation
While vaccines are now widely available and health restrictions have somewhat eased in most areas, it’s still best to stay indoors and take advantage of liquidation sales over the internet. You can take the straightforward route via an online liquidation marketplace or participate in exciting liquidation auctions to give you more pennies for a dollar.
- Online Auction Sites
You can find various retailer liquidation stocks through online auction sites like William George. You can place bids for pallets, truckloads, and containers of different inventory items such as:
- Appliances, kitchen, and housewares
- Electronics and computers
- Furniture and home décor
- Sporting goods
- Toys and baby items
- Gadgets, tools, auto
- Apparel and shoes for men, women, and children
Online auctions are fast-paced and often competitive since you’re up against international buyers. When done well, you can get deals for new and branded items for personal use or resale. You might even get unique or valuable items in the mix with refurbished products. One drawback is that you might have to end up paying more since you’ll have to consider delivery times and shipping costs.
As with all online transactions, you’ll have to read the fine print regarding auction rules to make sure you’re getting the best deals. You may also need to look up the auction site’s shipping options or make arrangements independently.
- Online Liquidation Marketplace
Companies closing their physical stores can also partner with an online liquidation marketplace to dispose of their stocks in wholesale quantities. These sites offer a wide array of merchandise from clothing, sporting goods, office supplies, consumer electronics, and home furnishing stores that are ending their business post-pandemic.
You can also get brand-new items in single or bundled packages for personal use. Should you plan to resell them, you can benefit from liquidation stocks in the same way as auctioned liquidation in that you have access to pallets, truckloads, and containers.
An advantage of online liquidation marketplaces is you can even choose which retailer you want to buy from then specify the product and its quantity. Marketplace sites also provide information regarding closing sales near you, which means you can take advantage of contactless shopping as part of post-pandemic measures for businesses. Other online liquidation marketplaces have greater reach and may also offer export for international buyers.
When using liquidation marketplaces, it’s best to comparison shop so you can find good deals. It’s also best to use credit cards for payment so you’re covered when you need to return items or require repairs within the warranty period.
- In-Store Closing Sales
If you wish to inspect items personally before making any purchase, then you can brave the crowd and opt to visit retail stores while their doors are still open to the public. Going this route requires great timing so you can get the best discounts and product options.
Here are some tips to help you snag great deals when buying liquidation stocks in person:
- Time Your Purchase
Closing sales typically begin with discounts as low as 5%-10% and gradually increase as the days or weeks go by until their lease expires or their stocks last, whichever comes first. Going in on the first few days of the sale can guarantee you’ll have more choices to choose from, but you’ll do so at the expense of smaller discounts.
If you wait until the end, you’ll buy items at half the price, but you’ll have fewer products to choose from. You can opt to go for a middle-of-the-road approach, where you go in after 1-2 weeks of the closing sale so you can snag better deals and still have a handful of choices available to you.
- Comparison Shop
While you’re waiting out for the crowd to thin and for further price drops, you can use this time to comparison shop to see if it’s worth it or if you should try a different liquidation sale instead. Prices and discounts vary from one retailer to another, so do your homework before making a mad dash to any sale.
While you’re at it, you can also check user reviews to keep yourself informed. And this way, you’re able to make wise buying decisions rather than fall prey to end-of-business deals that end up as rip-offs.
- Start At The Back Of The Store
Doing this gives you more options since the items there have been picked through less than those near the entrance. You may even find better products and deals as you don’t need to push or shove to grab the items you want.
- Take Advantage Of Deals
While you may have your heart set on a specific item you’ve wanted for so long, you may find it rewarding to purchase higher-end items or less popular clothing that’s almost half the price. While these may seem impractical at the moment, you should grab these deals since they won’t be around when the store finally closes. Just make sure that you’ll actually use them in the future, and you can put them in storage in the meantime.
The retail apocalypse is a sad post-pandemic reality for stores and loyal customers. As a consumer, you can always look at the bright side of store closings as they’re going to rid of as much inventory as possible through closing out sales, online auctions, and liquidation marketplaces. Whether in-store or online, brand-new products at bargain prices are always a good thing for consumers.
Latest posts by B2BNN Newsdesk (see all)
- How To Build a Business Process Workflow To Improve Efficiency - May 15, 2021
- Guide To Developing and Implementing a Safety Program - May 15, 2021
- Window Cleaning Business: Equipment, Tools, and Supplies You’ll Need - May 15, 2021