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SALT LAKE CITY — Many big retailers are dealing with excess inventory — their warehouses and stores are busting at the seams. For retail businesses, it is a situation that is costing them a boatload of money. For consumers looking to bust inflation, it is an opportunity for bargain hunting.
Back in those days of the pandemic when many of us were stuck at home, we were buying stuff like TVs, furniture, exercise equipment, athleisure clothes like there was no tomorrow. But tomorrow did finally arrive.
"So, retailers rushed out to order those items, many of which were then delayed, and now all those shipments are in and retailers are sitting on a lot of overstock merchandise," smart shopping expert Trae Bodge explained.
Bodge said stores like Target, Walmart, Kohl's and others now are slashing prices on thousands of those overstocked goods. We are talking 50% off, 70% off and even steeper discounts.
"Retailers who can try to break even at least, or make a little profit, are going to discount now and try to clear that merchandise out so they can bring in the new fall merchandise," Bodge said.
Many overstocked items will also find their way direct from warehouses to the bargain racks of discount stores like TJ Maxx, Ross, and Marshalls.
As for returns, Bodge said retailers are sitting on so much inventory right now, many will just hand you your money back and let you hang onto the stuff you do not want.
"So, if you order online and it doesn't fit, you might reach out to the retailer and they may give you the credit and tell you to keep their merchandise instead of sending it back," she said.
But it is easy to get caught up in the frenzy of all these big deals right now, and that has Bodge worried. She cautioned you will not save anything if you wind up carrying credit card balances in your rush to score bargains.
"Be very honest with yourself about the wiggle room that you may or may not have in your budget and then shop accordingly," she advised.
Bodge suspects it will only take a couple weeks for the overstock frenzy to balance out.
As far as back-to-school shopping goes, aside from some electronics and clothes, she said you will find better deals later this summer.
