However, 'store closing' sales don't automatically equal crazy good buys. Here's how to shop a going out of business sale and really save money.
Know what a good price really is. These store closing sales will often jack up the retail prices on items, even higher than what the store originally charged for them. So a pair of pants that could have typically cost $40 at Coldwater Creek, might now be on 'sale' for 20% off $60 -- which means you're paying $48 instead.
I saw this phenomenon first hand back when Borders went out of business. The liquidation sales attracted customers who typically didn't shop the store, and therefore thought 10% off books or Blu-rays was a steal. Regular customers, on the other hand, were used to snagging new releases for 30% or 40% off list price. I will never forget talking to a cashier at that sale who said, "If these new customers had been this excited to shop us before, we never would be going out of business!"
Stick to your list. Decide in advance what sort of items you're interested in, and stick to browsing those sections. This tip works whether you're a shopper who gets carried away by the thrill of the hunt, or you're a shopper who gets easily overwhelmed by too many choices. As always, the impulse shopper is the one that spends too much money.
Don't expect assistance from staff personnel. In fact, often those people working the cash registers in a store closing didn't work there before. Frequently, a company will lay off long-term employees early in a liquidation process, and then hire a cheaper team of employees just to make it through the closing of the doors. That means those folks have NO idea where the items you want are, and honestly not a lot of motivation to help you out, either.
Don't cut up your gift cards. At least, not yet. Since Family Dollar isn't closing all stores, obviously those gift cards will be good at other locations. Coldwater Creek's overall future is less clear, so ask a manager before you start shopping if they will accept gift cards at checkout. Currently, you can also use their gift cards online.
Get creative. As the store closing sales progress, stores will sell fixtures, furniture, artwork, and even cafe equipment. Now might be the time to score some inexpensive chairs or tables for a DIY home project that could save you major bucks and update your house at the same time.
What other advice do you have about shopping store closings or liquidation sales? Leave your tip in the comments section!
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