Stephen Hennessey said he has been reselling and flipping items from as early as his elementary school days. Now he is changing his business model to join the increasingly popular bin store trend.
In the old Goodwill store on Main Street in Lexington, Overstock Bins will open on Friday at 9 a.m. The discount store will sell liquidated items bought from chain retailers.
Hennessey started Overstock Liquidation in Lexington to sell pallets of unsold or returned merchandise from big chain retailers. His new investment, Overstock Bins at 754 West Main Street, will sell individual items that customers can peruse in stilted bins.
According to data compiled by B-Stock Solutions, an online auction platform specializing in selling returned items from retailers, holiday e-commerce sales are estimated to increase 43% this year to reach a record of $198.73 billion. Historically, 30% of eCommerce purchases get returned, meaning $59 billion in returns are expected this year, according to a release from B-Stock.
Companies like Hennessey’s can gain from what big retailers lose in returned items.
“We have items ranging from electronics to clothing and snacks to home goods and sheet sets. Just a little bit of everything,” said Hennessey.
Similar to Crazy Cazboy’s discount store that opened on Forest Drive earlier this month, Overstock Bins will have items listed for different prices on different days. Items freshly restocked at Overstock Bins on Thursday nights will be listed for $6 on Fridays and Saturdays.
Overstock Bins is closed on Sundays and Mondays. Items will be $4 on Tuesdays, $2 on Wednesdays and $1 Thursdays, or customers can fill a bag for $25 on Thursdays to clear out the store.
Hennessey said it was important for him to open the store before the holidays, “so people can get some great deals for Christmas gifts and things that normally they wouldn’t be able to get for the price point we have.”
Though he’s done little advertising for the store, Hennessey said the Overstock Bins Facebook page is up to 900 likes since he created it last month. To keep lines down at the store and increase customers’ shopping experiences, Hennessey said he didn’t want a huge opening.
Store hours are subject to change after Hennessy sees initial customer traffic. For the time being, the store is open from 9 a.m. to 4 p.m. Friday and Saturday, 10 a.m. to 4 p.m. Tuesday and Wednesday and 10 a.m. to 2 p.m. on Thursdays. To keep track of the hours, customers can check Overstock Bin’s Facebook page for updates.
Overstock Bins is the second discount bin store to open in Lexington County after Dream Deals Columbia in West Columbia.