Podcast Summary: Am I Doing It Wrong? – Episode: Bargain Shopping Secrets

Release Date: December 12, 2024
Host: Raj Panjabi Johnson & Noah Michaelson
Guest: Emily Ruane, Managing Editor of Commerce at HuffPost and author of Bargain Superstar

Introduction to Bargain Shopping

In this episode of Am I Doing It Wrong?, hosts Raj Panjabi Johnson and Noah Michaelson delve into the world of bargain shopping, addressing common anxieties and strategies associated with finding the best deals, especially during the bustling holiday season.

Noah Michelson (02:19):
"Okay, Raj, I feel like I've been shopping for weeks now that the holidays are here. How good of a bargain shopper are you?"

Raj Panjabi Johnson (02:27):
"You know what? I like to consider myself a certified Maxinista. So I think I'm good... but I have a feeling that I'm so lost in the sauce at this point that I don't actually know if I'm getting good deals..."

Understanding Off-Price Stores

The hosts introduce their guest, Emily Ruane, who provides an in-depth explanation of off-price retail stores. These stores, such as TJ Maxx, Home Goods, and Ross, offer overstock, canceled merchandise, and sometimes manufacturer-specific lines at discounted prices.

Emily Ruane (03:45):
"Historically, any off-price retailer is a larger sort of department type store... they couldn't sell, etc."

She elaborates on how off-price stores have evolved from merely selling surplus items to creating their own private labels, ensuring a more predictable inventory and consistent sales.

Emily Ruane (05:12):
"The off price store has like kind of gone the way of the outlet store. They are totally manufacturing their own product and working with their own suppliers to fully create their own labels..."

Regional Variations and the Thrill of the Hunt

Emily discusses how merchandise varies by location, catering to the tastes of the local clientele. For instance, some TJ Maxx stores have exclusive sections like the "Runway," offering higher-end designer pieces not found in other locations.

Raj Panjabi Johnson (07:14):
"Are there certain locations of these stores, like TJ Maxx or Marshalls that have better stuff than others?"

Emily Ruane (07:49):
"The Hamptons TJ Maxx is apparently lit... applies to like the TJ Maxx in the fancy part of Miami."

Noah adds that the ever-changing inventory adds to the excitement, making each visit unique and often prompting shoppers to explore outlets even when traveling.

Noah Michelson (08:46):
"The Runway is literally a section at some TJ Maxx... people love these stores because every time they go, there's something different there."

Optimal Shopping Times and Strategies

The discussion shifts to the best times to shop at off-price stores. While opinions vary, Emily advises becoming a regular at local stores to understand their specific inventory cycles and seeking advice from store associates for optimal shopping times.

Emily Ruane (09:53):
"Get to know your local TJ Maxx, get to know like your local Ross or Marshalls... ask the associates or the manager what good days to shop would be."

Noah shares insights from online forums, highlighting that mid-week visits often yield better markdowns and fresher merchandise compared to weekends.

Noah Michelson (11:10):
"People are saying like the middle of the week seems to have more often there are going to be markdowns, new merchandise."

Cautions: False Reference Pricing and Product Authenticity

A significant part of the conversation focuses on the pitfalls of off-price shopping, notably false reference pricing where original prices are inflated to make discounts appear more substantial than they truly are.

Noah Michelson (16:58):
"They always do that... you can't always think that you're getting $200 off something because they inflate those original prices."

Emily emphasizes the importance of research, suggesting techniques like reverse image searches to verify the authenticity and true value of products.

Emily Ruane (15:28):
"Do a reverse image search of either, like, the tag for the item or even the item itself... see how ubiquitous it is."

Best Buys at Off-Price Stores

The hosts and Emily discuss categories that offer the best value, such as pet products, kitchen accessories, and trusted brands. However, they caution against ambiguous items like niche food products and beauty items, which may have questionable expiration dates or manufacturing practices.

Noah Michelson (20:29):
"Most of the stuff you can get a great deal on is never going to be like, that."

Emily Ruane (21:04):
"The best things to look for are just, like, brands that you trust... things that have reputations behind them."

Navigating Outlet Stores

The conversation extends to outlet malls, distinguishing between items carried over from mainline stores and those specifically produced for outlets. Emily notes that while some merchandise originates from surplus stock, much of it is now tailored exclusively for outlet customers.

Emily Ruane (35:42):
"The outlet stores were kind of the first ones to be like, yeah, this is all marked down from us... creating private labels."

Raj raises questions about specific outlet brands like Nordstrom Rack and Saks Off Fifth, seeking clarity on their relationship with parent brands.

Raj Panjabi Johnson (38:03):
"I am curious to know Nordstrom Rack and Saks Off Fifth. I don't totally understand what those are."

Emily clarifies that these outlets often carry both surplus items from their main stores and exclusive outlet-only merchandise, while also addressing concerns about transparency in manufacturing practices.

Final Takeaways and Best Practices

As the episode wraps up, the hosts summarize key strategies for effective bargain shopping:

1. Local Variation Awareness:
   "Every off-price store is slightly different and the merchandise usually reflects where it's located and the shoppers' taste there." (Raj Panjabi Johnson, 42:51)

2. Inventory Composition:
   "Most stores feature a combination of overstocked items and products made specifically for the off-price store." (Noah Michelson, 42:58)

3. Brand Trust and Research:
   "Buy trusted brands and do your research." (Emily Ruane, 43:13)

4. Cautious Purchasing of Consumables:
   "You can find great deals on unusual food and in-demand beauty products. But make sure you check the expiration date on both of them." (Noah Michelson, 43:22)

5. Beware of False Pricing:
   "Beware of false reference pricing because you could be tricked into thinking you're getting something at a great deal when you're not." (Raj Panjabi Johnson, 43:22)

Noah Michelson (43:38):
"What about you? Did you learn stuff today?"

Raj Panjabi Johnson (44:09):
"I did and I'm really trying to transition into a more conscious shopper so I can have nice things and not more things."

Conclusion

The episode concludes with the hosts encouraging listeners to embrace informed and strategic shopping habits, balancing the thrill of finding bargains with mindful consumption. They emphasize the importance of understanding store-specific nuances, verifying product authenticity, and prioritizing quality over quantity to make the most out of off-price shopping experiences.

Noah Michelson (44:32):
"As long as there are things to get wrong, we're going to be right here to help you do them better."

Key Quotes with Timestamps:

• Emily Ruane (03:45):
  "Historically, any off-price retailer is a larger sort of department type store... they couldn't sell, etc."

• Emily Ruane (05:12):
  "The off price store has like kind of gone the way of the outlet store..."

• Noah Michelson (16:58):
  "You can't always think that you're getting $200 off something because they inflate those original prices."

• Raj Panjabi Johnson (42:51):
  "Every off-price store is slightly different and the merchandise usually reflects where it's located and the shoppers' taste there."

• Noah Michelson (43:22):
  "Beware of false reference pricing because you could be tricked into thinking you're getting something at a great deal when you're not."

This comprehensive overview captures the essence of the episode, providing listeners with valuable insights into bargain shopping strategies, the dynamics of off-price retail stores, and the importance of informed purchasing decisions.