For those with fading memories or shorter-term industry credentials, when Gene Kalkin founded LNT in 1975, it was much closer in format to a discount or closeout store
than anything else.
"The closeout store
is in the business of helping manufacturers with their problems," says Marc Miller, president, GO Grocery Outlet, Asheville, N.C., which operates 19 stores in North Carolina, South Carolina and Pennsylvania.
(*.) Opened an Amazing Buy closeout store
with no pharmacy.
Space opens up next to an established Big Lots closeout store
and the price is right: A new Big Lots Furniture store is born, attached to an already thriving retail magnet.
A major challenge moving into a new market, noted Miller, is educating the consumer about the nature of a closeout store
in contrast to the discount chains.
Don't buy electrical components (breakers, extension cords or surge strips) from closeout stores
or auction sites.
Initially the Columbus, Ohio-based chain decided to close 40 units, but after a more extensive review, it consigned another 85 closeout stores
and all 41 of its stand-alone furniture store to oblivion.
SOME CALL IT EXTREME RETAILING, OTHERS JUST think of them as closeout stores
. But the only label the 3,000-store Family Dollar chain cares about is low-price leader.
Most are closeout stores
but all 41 of the Big Lots' stand-alone furniture stores are also scheduled to be shuttered.
He said some consumers get their initial exposure to luxury bedding from closeout stores
. These same consumers purchase luxury products but later go to specialty stores to pay extra for items they can no longer find in the closeout stores