Who is Ocean State Job Lot owned by?
Since co-founding Ocean State Job Lot in 1977, Perlman and his brother Alan have built a $500 million-in-revenue empire with 100 stores. They also hold myriad stakes in a network of restaurants, manufacturing firms and other small businesses throughout the Northeast.
How does Ocean State Job Lot Make Money on Crazy Deals?
Ocean State Job Lot is an interesting store with unusual ways to make money. It offers an array of products at a discounted price, calling them “Crazy Deals.” So how does the store make money off of these seemingly too-good-to-be-true deals?
The Power of Bulk Shopping
The key to Ocean State Job Lot’s success lies in its ability to shop in bulk. The store buys products in large quantities, often directly from manufacturers or distributors, and then passes the savings on to their customers. With large enough orders it is possible to get a significant discount that customers can take advantage of without sacrificing quality.
Liquidations and Overstocks
Ocean State Job Lot also takes advantage of liquidations or overstocks. Liquidations occur when a company is going out of business and needs to quickly get rid of its remaining inventory. Ocean State Job Lot will often purchase these products at a much lower price, allowing them to pass the savings on to their customers.
The same goes for overstocks. When a manufacturer has excess inventory, it’s not unusual for the manufacturer to offer discounts to store such as Ocean State Job Lot in order to quickly sell the extra items.
The Benefits of Buying Used Products
Another way that Ocean State Job Lot offers discounts is by purchasing used products. This could include anything from furniture to electronics, and the store inspects each item before putting it on the sales floor. This allows customers to get a quality product at a fraction of the price.
Competitive Pricing
Finally, Ocean State Job Lot is able to keep its prices competitive due to the fact that other stores don’t typically offer the same deals. This allows the store to attract more customers who are looking for a bargain.
Conclusion
Ocean State Job Lot’s success is due to its ability to capitalize on a number of different opportunities. By taking advantage of bulk shopping, liquidations, overstocks, and even used products, the store can pass on significant discounts to its customers. Additionally, the store’s competitive pricing helps to keep customers coming back.