By If you missed out on a liquidation sale this time, don’t worry—you’ll still get plenty of opportunities to score deep discounts at other sales. That’s because thousands of brick-and-mortar stores close every year as retailers focus on higher-performing locations or merge with competitors. Before they turn off the lights for good, these stores clear out their inventory—everything from clothing to furniture to electronics—by offering steep price cuts. Just follow these simple strategies to snag standout deals.
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Get a heads-up about upcoming liquidation sales at major chains like Big Lots, Macy’s and Party City by visiting RetailDive.com and signing up for its free daily newsletter. You’ll receive the latest store happenings, including announcements about upcoming closures.
Once you learn about a closing, visit the retailer’s website to join their email list and follow their accounts on Facebook and Instagram. “When a liquidation sale is announced, the core customers are always the first to be notified through email or social media posts,” says Ben T. Nicholson, president of Fortis Business Advisors, which helps companies handle liquidations.
To find out about going-out-of-business sales for smaller, independent shops near you, set up a free Google News Alert at Google.com/alerts. Just type “liquidation sale” and your town’s name, and tap “Show Options” to customize settings—like how often you want to receive emails—before tapping “Create Alert.” You’ll get email notifications whenever a local store launches a liquidation event.
Save by being first and last
“Typically, a liquidation sale runs from 8 to 13 weeks,” says Nicholson. “In the beginning of that time frame, stores discount most items by 10 percent or 20 percent.” While that may not seem like much, it’s still worth visiting on the first day or two of the sale because you might spot a few early bargains tucked away on store shelves. “Sometimes, stores reduce select items by 50 percent or more depending on certain factors, like whether the sale needs to move quickly,” says Nicholson.
Another perk of showing up early? You’ll snag the most sought-after merchandise. “The best deals may come toward the end of the sale, but the most valuable items always sell out fast,” he says. “If you see something you really want and will be disappointed if you don’t get it, don’t wait—buy it now. There’s no guarantee its price will drop much further.”
After grabbing your must-have items at the start of the sale, consider returning during the final week. “Toward the end of the sale, discounts can get a lot steeper as the urgency to sell everything intensifies,” Nicholson says. Indeed, stores often slash prices by 60 percent or more. You can even make offers on fixtures and display cases, he adds.
And don’t be afraid to haggle, especially if you’re buying several items. “In the end, the entire store has to be cleared out.” As a result, proprietors get much more flexible on pricing.
Utilize store gift cards
Check your drawers and wallet! “If you have a gift card for a retailer that’s hosting a liquidation sale, get it out and use it,” urges Julie Ramhold, a consumer analyst with DealNews.com. “Some stores continue to honor gift cards for the first couple of weeks into the sale.” They do this to give you one last chance to use your card, plus they hope you’ll find so many deals that you’ll spend more.”
After that, however, priorities shift, and stores focus on conserving resources, so they stop accepting gift cards. Can’t make it to the store right away? “Call and get a firm date for when they plan to stop taking gift cards so you don’t miss out before you have a chance to use yours,” she adds.
Give items a once-over
“Everything is typically final sale at a liquidation event,” says Ramhold. That’s why it’s crucial to inspect electronics, housewares and other products before you pay. “Don’t be afraid to ask for an outlet to plug something in to ensure it works properly,” she says. Since the goal is to sell everything, staffers will gladly assist you.
