How to Deal With Store Surplus Items

For aspiring retail store owners, one of the least apparent aspects of running a store is dealing with the problem of surplus inventory. Items put on the shelves don’t have indefinite shelf lives. In fact, even goods that are non-perishable end up becoming obsolete, out of style or simply become sub par in quality due to its age. Obviously, perishable goods come and go faster. And because of this, it’s not surprising that there are numerous means of dealing with perishable items. On the other hand, what is a retail store supposed to do with goods that are no longer deemed fit for sale?

 

First and foremost, the key is to prevent overstocking of goods in the first place. It’s better to have a lower margin of sale in the event that shortage of stock occurs than to have so many items in stock only to end up in the dumps. The latter is a bigger loss for the business when all is said and done. However, in unforeseen circumstances that businesses are unable to control, there will still be instances where a considerable number of retail goods and wholesale products remain unsold. Whether it’s because of an upstart competition who took advantage of novelty to anchor themselves in the market or simply because of natural events like a drawn out winter.

 

One solution to this would be to take the philanthropist route and give the items to an appropriate charity. But this is a specific solution that can’t be the go-to for businesses every single time. Sure, clothing businesses can take out the tags from their apparels and donate to a related charity. But this isn’t always the case. Like when a cake supply store, for example, needs to get rid of their stocks that are beyond their shelf lives. School supply stores may opt to break even and set low prices on office supplies as well as school supplies. This is a practical way to approach surplus items, but there’s also a more convenient way to do so. Not to mention that it’s also highly likely that every surplus item will be sold. This option is to contact close out sale businesses that buy surplus goods. These businesses make a profit by selling said goods wholesale for businesses that are looking specifically to restock their specialty store in bulk. With the case of cake supplies, closeout sales can sell party hats, candles and cardboards in bulk for a low price.