The Latest Craze. Bin Stores Filled With Closeouts, Overstock, Unwanted Inventory.

shutting down business get rid of inventory and closeouts

The hottest trend in retail for liquidation companies selling closeouts is the Amazon Bin store. These stores sell liquidation merchandise in giant plastic or wooden bins. Every week, a merchandise liquidation truckload is sorted and arranged in these bins. Then, customers go on a treasure hunt to find surprising deals consisting of closeouts of toys, overstock housewares, and liquidations of camping goods, electronics, and just about anything else you can imagine. Surprisingly, this weekly event creates many loyal and returning customers in search of liquidation deals, excess inventory sales and low prices for inventory other companies are getting rid of.

There is a big secret when starting a bin store – A surprise in product variety every week! These stores work with completely new merchandise cycling through the store every week. This weekly cycle keeps the customer entertained week in and week out. Since many are returning customers, they expect new liquidation merchandise so they can dig through bins to discover new deals. You can find merchandise to sell from closeout brokers, liquidation companies, businesses shutting down 3PL warehouses, and Amazon returned stock.

To put it simply, the psychology behind the bin store phenomena is creating black Friday everyday. This is similar to event Sales that retailers like Tuesday Morning made popular back in the 80’s. Have you ever seen a large tent in the parking lot selling closeout furniture or overstock lawnmowers? What about those pop-up Spirit Halloween stores that show up for a few months every year? Those stores are examples of event sales. Basically, it’s an exciting way to fix a problem, and that problem is surplus inventory and distressed merchandise. Businesses with too much inventory may have a need to liquidate closeouts and get rid of merchandise to make room in the warehouse. They may also be shutting down their 3PL warehouse to cut costs and reduce expenses. This creates inventory that must be liquidated cheap and that helps feed product to Bin stores!

Bins of merchandise allows price waterfalls. Price waterfall is when everything in the store is flat priced and there are daily discounts until the sale resets. This means all merchandise is disposed of before the end of the week, and discounts get cheaper everyday. Liquidation companies may be familiar with this formula where they start high, but then reduce pricing until all the inventory is disposed of and sold out. Depending on the day of the week, there will be a different bin price for your bin store. Finally, the price of the merchandise changes depending on the day of the week. Then, at the end of the week, the store is cleaned and restocked and the pricing cycle starts all over again! It’s a terrific way tor closeout brokers to get rid of dead stock that hasn’t been selling. It’s also perfect for Amazon FBA removal orders that need to be liquidated. There are a lot of online sellers who get stuck with too much inventory and have to close Amazon stores. In this case all Amazon stock must be liquidated to avoid excessive long term storage fees.

Closeout brokers and excess inventory buyers find and purchase liquidation pallets of merchandise that can’t be sold by their original owners for one reason or another. For instance, in semi-truck crashes, none of the product inside can be sold, and it often has to sit inside of a warehouse for six months, before it can be passed on to a liquidator. Once this distressed inventory can be liquidated, the trucking company may contact liquidation companies or closeout brokers to make offers for the entire truckload. Closeouts and surplus inventory like this is often sold off for pennies on the dollar. The result is a bargain passed on to the customers who shop in liquidation stores and bin stores!

Retail stores selling closeouts may carry anything from a blade attachment for a Magic Bullet blender to light bulbs, shampoo, office supplies, bikes, picture frames, Christmas trees and handbags. Soaring online retail has paved the way for a new kind of in-person shopping experience at deep discount retail stores opening around the country. These retailers specialize in closeouts, overstock and excess inventory that has either been sold or disposed of for pennies on the dollar.

The model is simple: the chain buys overstock and returned items from various online retailers, ships them to its stores and mixes them in bins for shoppers to browse. The mix can include anything from closeouts on shoes, jewelry, apparel, housewares, home decor and much more. Plywood bins may be stretched out in rows or laid on top of pallets and even in open gaylords. The need for fancy well lit pristine stores is no longer in vogue – the demand is for bargains and deals and shoppers are willing to dig through bargain bins and piles of goods in order to get to the best deals on surplus inventory and closeouts cheap.

In one example on Tuesday, all items might cost $3. People crowd, often shoulder to shoulder, along the troughs of goods in a manner that recalls pre-lockdown shopping, although most wore face masks Bargain hunters are drawn to these stores much the same way flea market buyers dread missing any deals at the market. It’s like an addiction and it’s a new spin on liquidation sales. The difference is that prices are reduced every day until new stock arrives and nothing is left at the end of the week. For businesses shutting down their 3PL warehouse opening up to the public and having this kind of sale might be an option. It would take a lot of work and planning, but may be better than disposing of inventory to liquidators and closeout buyers for pennies on the dollar.

Every store is different. In another example, prices are set at $25 when stock arrives on Thursday and are reduced to $10 on Friday and Saturday before falling to $8 Sunday, $6 Monday, $3 Tuesday and, finally, $1.00 on Wednesday.

People will go through them, sort them out, take all the expensive items. The next day we’ll drop the price, It’s a good opportunity to spend some discretionary income where you can still get extreme value. Closeout of this nature are great because you can take advantage of someone elses loss. The products are often in perfect condition, but they were either excess inventory or customer returns for some reason.

If you’re looking for a bargain, or just enjoy the thrill of a treasure hunt, these liquidation stores where the prices change every day of the week can be a lot of fun and generate profits too. You might be able to buy Amazon returns or excess inventory by the truckload for, say $15,000 for the entire truck. When you sell closeouts for $10, $8, $5, etc, the money really adds up fast and you can turn $15,000 into $50,000.

Merchandise USA is a closeout buyer for all overstock inventory, slow moving products, excess inventory and distressed inventory. We buy closeouts and overstock from 3PL warehouses located around the country. If you have too much inventory and need to dispose of some stock call us today.