Closeout refers to the final sale of an item to zero inventory. It is also known as clearance, liquidation, or going-out-of-business sale. A closeout or clearance usually occurs when a retailer relocates, declares bankruptcy, offers post holiday sales, makes way for new inventories, etc. Since prices of closeout lots are insanely cheap, buying closeouts can be a very lucrative business if you intend to resell the items you purchase. If you wish to venture into this type of buy and sell business, the following items shall guide you in buying closeout lots.
- Surf the Internet for a database of closeout stores and merchandises. A good place to start your search is through closeout merchandise locators where comprehensive directories of closeout suppliers can be found. An example is CloseoutCentral.com. It has a wealth of resources for closeout buying and selling. It features a number of closeout brokers and liquidators, manufacturers, suppliers, distributors, and wholesalers. You can search closeouts by category. Available categories include apparel, automotive, electronics, fashion and accessories, food and grocery, furniture, health and beauty, lawn and garden, novelties, office supplies, tools and hardware, and sporting goods among many others.
- Find suppliers that carry a full line of closeout merchandise, surplus closeouts, department stores closeouts, department store returns, bulk salvage merchandise, and overstock closeout merchandise. Once you find a supplier you are interested to do transaction with, you can call to verify the selection of closeouts. You can also choose to join mailing lists to be notified of closeout lots on a regular basis.
- Check the popular Internet auction and marketplaces. You can find a wide range of closeout categories from Amazon and eBay. You can get in touch with the seller by email or phone call to personally inquire about the closeout selections.
- Check closeout stores or retailers specializing in buying closeout lots wholesale and selling them at discounted prices. Examples are Big Lots, T.J. Maxx, and Marshalls.
- Visit department stores in your area for liquidations, surplus, overruns, or clearance sales. Department stores typically publicize closeouts or clearance sales using banners and signs on the exterior and interior premises. Many stores have post holiday clearance sales and prices drop down to 50%. More often than not you will find great deals after Christmas clearance sales. It is not surprising for stores to mark down their prices up to 90%
- Check out the flea markets or thrift stores. In a given week, items are usually given colored tags to indicate discounts up to 50% or more. By the end of the week all unsold items will be removed from the shelves.
If you are going to buy closeout lots via the Internet, carefully peruse the terms and conditions including minimum requirements, shipping points, services and charges. Take note that many clearance or closeout stores do not provide return policies or refund especially if you are buying liquidation or store-closing sales. Prior to making your closeout lots purchase online, read reviews or feedback about the seller.