Closeout Meaning: Definition, Examples, and Translations
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closeout
[ˈkloʊzaʊt ]
Definition
retail situation
A closeout refers to a sale of goods at significantly reduced prices to quickly move inventory that is no longer needed or is being discontinued. This practice is often employed by retailers to clear out items from their stockroom to make room for new merchandise. Closeouts often target outdated models, seasonal items, or surplus stock that must be sold before it depreciates further. These sales can provide consumers with substantial savings while helping businesses manage their inventory effectively.
Synonyms
clearance, discount, liquidation, sale.
Examples of usage
- The store is having a closeout sale on summer clothing.
- She scored some great deals during the electronics closeout.
- During the closeout, many items were discounted by over 50%.
- The closeout of the last line of products happened quickly.
- He always checks for closeout items before making a purchase.
Translations
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Origin of 'closeout'
The term 'closeout' originated in the retail industry and shares roots with the phrase 'to close out' which means to complete a sale or transaction. The earliest recorded use of this term dates back to the mid-20th century, when retail markets began to emphasize the rapid turnover of inventory as a sales strategy. This was particularly important for businesses that sold fashion items, electronics, and seasonal goods which needed to be cycled out for new inventory. Over time, the concept of closeouts expanded beyond just retail to encompass any situation where a business aims to liquidate surplus or obsolete stock. The practice became widely adopted as companies sought to manage inventory costs effectively and appealing to consumers looking for bargains.