![]() ![]() “We don’t want to be overstocked ourselves," he said.ĭonna Griffin said she is seeing a lot of furniture and mattresses as well as winter clothing at the Bargain Hunt store near her Cropwell, Ala., home. Rankin said he isn’t buying more because the season to sell those items is almost over. Rankin said.Įven though the secondary market is overloaded with excess outdoor furniture, Mr. “The quality is very high, because many of the goods didn’t even make their way into retailers’ warehouses," Mr. Norm Rankin, senior vice president of merchandising for Bargain Hunt, a closeout chain based in Nashville, Tenn., with 85 stores, said he has been negotiating with a large retailer trying to unload $30 million of Christmas goods, including artificial trees, decorations and home décor, that arrived after last year’s holiday season. “The secondary market is swimming in apparel," he said. He has been scooping up lawn-and-garden furniture and apparel, particularly winter sweaters and other cold-weather gear that arrived too late for the selling season. Churches said there is more excess merchandise now than at any time in the past two decades. “The market for those items is normally tight, and there isn’t a lot of excess." “Before Covid, we wouldn’t have had washers and dryers in our stores," said Brady Churches, the chain’s chief executive. Home Buys, a Columbus, Ohio, off-price retailer with eight stores, is selling name-brand washers and dryers at 40% off the regular price. Target warned in June that profits would be hurt as it cancels orders with vendors and offers discounts to get rid of excess merchandise. with excess goods they need to clear out. The mismatch between supply and demand has left large chains such as Target, Walmart, Gap Inc. At the same time, inflation is pushing up the costs of necessities such as food and gas, leaving less money for discretionary items. “In the time it took for that product to get here, demand shifted."Ĭonsumers curtailed purchases of the comfortable clothes and home items that they bought during the height of the pandemic and shifted more spending to dressier clothes as well as travel and entertainment. “They wanted to make sure they’d have stuff to stock on the shelves," said Marcus Shen, chief executive of B-Stock, a software company that helps retailers manage excess inventory by matching sellers with buyers. ![]() To compensate, they ordered extra and placed those orders further in advance to ensure that products arrived on time. Then, as the economy started to open up, supply-chain bottlenecks due to factory backlogs and shipping and port delays left retailers with a dearth of goods to sell. There is an unusual amount of excess inventory, and it’s affecting so many retailers at the same time."Īt the onset of the Covid-19 pandemic when many stores were temporarily closed, retailers canceled orders from overseas suppliers as shoppers huddled at home. “They are asking us to get in front of this earlier than in the past. “What’s unusual is the large retailers may not ever touch the products," said JD Daunt, chief commercial officer of Liquidity Services, which operates online marketplaces. ![]() In many cases, the liquidators are picking up pallets at the ports or from a warehouse without the goods ever hitting store shelves and are selling the items to smaller retailers and individuals who resell them online. ![]() Liquidity Services Inc., Xcess Limited, B-Stock LLC and other companies said they are seeing a glut of kitchen appliances, televisions, outdoor furniture and apparel that major chains are trying to clear out. ![]()
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