Shopping Tips For Going Out Of Business Sales

Here’s good news for bargain hunters: the International Council of Shopping Centers forecasts approximately 148,000 retail stores going out of business this year. Does this sound like this is going to be a year of great deals and best buys? Before you put on your rubber shoes and get ready to rush to the cash register, here’s a piece of advice: don’t believe every going-out-of-business sales advertisements that you see across the street. In times of crisis such as this, there is absolutely no room for compulsive buying—even in stores going out of business. Here are some tips that you ought to remember when raiding the “Chapter 11” stores.

1. Compare before you cash in. Just because they said everything must go doesn’t mean they don’t care about making profit from the items on sale. Advertisements and signs are meant to tempt you into walking into the store, and keeping you there long enough to check out the items, get convinced that they’re the cheapest, and pay for them without comparing prices in stores nearby. Remember that stores going out of business are operated not by the store owners but store liquidators. Unlike retail store owners who need to build relationships with customers to gain their loyalty, liquidators are only interested in exploiting the stores’ dried-up income streams. They don’t care about returning customers or impressions. All they’ve been hired for is to make as much money as they can from the sale. The next time you pass by, or seek out, going-out-of-business sales, make sure to check the prices of similar items online or in stores nearby. You’ll be surprised that despite signs that say 30% or 50%, some items, especially the big-ticket ones, will still come out cheaper online or next door.

2. Take your time. Only fools rush into stores going out of business during the last days of the sale, thinking that the prices get lower as the days go by. If you understand the business of store liquidators, you will know that the time of day or the day of the week does not matter. The important thing is that you have enough time to think about what you need to buy, fact-check and do your canvassing. The best time to buy is when you are absolutely sure you’re getting the best deal.

3. Don’t be fooled by the packaging. The trouble with buying from final clearance sales is that you can’t return or exchange the item for something else. Not a few shoppers have complained about purchasing an item in an intact packaging, only to find out later that the thing is broken. Don’t buy anything if you’re not sure it’s actually working. Better yet, check with the manufacturer if the warranty of the item is still being honored so you can be assured that someone can potentially address your complaint.

4. Finally, the law may be harsh but there’s no reason why you shouldn’t know it. Depending on where you live, there are laws designed to protect consumers from bad practices. Some tell-tale signs of shady store final clearance sale banners that have been up for as long as you can remember, and shelves that get restocked regularly, despite the sign that says “going-out-of-business sale.” Most of the states have laws in place to regulate these practices. If you feel like a store is trying to dupe consumers like you, find the agency where you can report them so they can act accordingly.