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| Getting The Best Price at Liquidation Sales |
Submitted by:
Ray / Tip Hero 04/14/2009 4:07 AM
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More retail stores are being forced into liquidation as the recession drags on. Last week GI Joes, a sporting goods chain in the Pacific Northwest filed for bankruptcy and began liquidating its inventory. The liquidation is being handled by Gordon Brothers Group, a liquidation firm based out of Boston who also handled the Circuit City liquidation. Many shoppers packed the store for it's liquidation sale, and many of them were falling prey to this trick liquidators employ.
The Liquidation Trick
The trick: liquidators actually raise prices for the first few days of a liquidation sale. I discovered this when listening to a program on NPR that was interviewing employees from Circuit City, and they mentioned the first thing the liquidator did was to raise prices. When a decent sized retail chain goes bust it's a major local news story and in the case of Circuit City, a national news story. Liquidators are smart and know that this media coverage brings in a horde of bargain shoppers into their stores. Liquidators take advantage of this by raising the prices for the first few days of the sale. After the first couple of days the liquidator gradually lowers prices until all the inventory is gone.
My brother went to the GI Joes liquidation sale last week. I mentioned the NPR news story about liquidators raising prices the first few days. He confirmed it, while he was at the store he saw a set of chairs he purchased just a few weeks before selling at a higher price. He had hopped around to a few other sporting goods stores and noticed that they had cheaper prices even though GI Joes was the one holding a liquidation sale. He also mentioned that GI Joes was ringing up a lot of sales from unsuspecting customers those first few days.
Getting the Best Deal
When you hear of a liquidation sale just keep in mind that there's a good chance the liquidator may raise prices the first few days of the sale. The trick to getting the best deals is to find items you want, and get comparison prices from competing stores. Then it becomes a waiting game. The more days that go by since the start of the liquidation sale the lower the price. You may need to make multiple visits to the store to gauge inventory levels and determine the right moment to pounce.
Photo credit: f33 |
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