Ep. 226 Is the OffPrice Show in Vegas a Good Fit For Your Buying Strategy?
As an independent retailer, finding the right trade shows to attend can make a significant difference in your buying strategy and overall business success. OffPrice Show in Las Vegas is a prominent event in the retail industry, but is it the right fit for your store?
Read on to learn more about OffPrice Show, discover what types of retailers will benefit from it the most, and decide if it aligns with your retail goals and purchasing strategy.
OffPrice Show gave me the opportunity to attend their show last February. While there, my goal was to see if it was a good fit for my podcast listeners, email subscribers, group members, and 1:1 clients.
I attended the show with two Master Shopkeepers members, Stacey and Dawn. I wanted to ensure I got the perspective of retail store owners who fit the profile of a typical OFFPrice attendee.
Thankfully, OffPrice Show also gave Stacey and Dawn the opportunity to join me. I’m so glad they were able to attend with me, as their feedback and insight was incredibly helpful. Shoutout to Stacey and Dawn for being my fun companions, we had such a blast together!
Like other markets, OffPrice Show is free to register and only for people in the retail trade. You’ll need to prove that you’re a retail business owner with a copy of your business license, wholesale orders from the past six months, or an active e-commerce website with retail goods when you register.
What is OffPrice Show?
OffPrice Show is a biannual trade show held in Las Vegas. It’s known for offering deeply discounted wholesale merchandise.
Catering to a wide range of retailers—from boutique owners to large chain stores and even gas station stores!—OffPrice connects retailers to vendors with excess inventory, closeouts, overruns, and their usual lines. OffPrice vendors carry products in multiple categories including apparel, footwear, accessories, and more.
OffPrice Show is better suited to retailers who sell apparel or accessories rather than home/gift items. If your customers prioritize high-end, luxury brands or handmade and sustainable, the discounted merchandise at OffPrice might not align with your store and your customer’s expectations. However, if they value great deals and variety, the show could be a perfect match!
In addition, I know lots of store owners who don’t carry full apparel lines BUT they do sell some apparel and accessories, especially in Q4. OffPrice could still be a good fit for retailers with a smaller selection of apparel and accessories.
Three Benefits of Attending OffPrice Show in Las Vegas
There are three key reasons why attending OffPrice Show might benefit your retail business.
1. Cost Savings
The primary allure of OffPrice Show is the potential for significant cost savings. Vendors offer products at prices below the regular wholesale rates, allowing retailers to increase their profit margins and pass on savings to customers.
If you’re looking for margin-builders, OffPrice Show is worth considering! This is the perfect place to source impulse buys, stocking stuffers, rewards for your loyalty program, accessories, or gifts with purchase.
Popular items that you’ll find at OffPrice Show include sunglasses, readers, jewelry, hats, scarves, purses, bags, totes, and more.
2. Networking Opportunities
Like most markets, attending OffPrice Show provides valuable networking time. You can build relationships with suppliers, discover new vendors, and gain insights into industry trends.
Networking with other retailers can also offer fresh perspectives and ideas for your business. You never know what other store owners you’re going to meet at a market.
3. Immediate Availability
Many products at OffPrice Show are available for immediate purchase and shipment. This can be beneficial if you need to quickly replenish stock after a busy season.
What to Consider Before Going to the OffPrice Show
While OffPrice Show has numerous advantages, it’s essential to determine if it aligns with your store’s specific needs and buying strategy. Keep reading for some of my thoughts and insights from attending OffPrice.
Do you love the hunt?
If you love the “hunt,” this is definitely a show for you. That’s exactly why I invited Master Shopkeepers members, Stacey and Dawn, to attend with me. They both sell some apparel and accessories in their stores and they LOVE good margin finds!
Is your store one of these three types?
Outdoor gear shops: Vendors in this category didn’t dominate the show, but they still had a strong presence at OffPrice. If your store serves the hiking industry or other outdoor enthusiasts, OffPrice Show might be a great fit.
Bohemian style: If you have a store that caters to customers with a bohemian style, OffPrice Show has lots to offer. There were tons of vendors focused on relaxed fits, loose silhouettes, and natural fabrics. We saw lots of maxi dresses, kimonos, long beaded necklaces, layered bracelets, oversized rings, and floppy hats that epitomized bohemian style.
Beach shops: If you’re in a coastal or beachy tourist area, OffPrice has lots of vendors you need to meet. Resort wear, flip-flops, beach hats, cover-ups, sundresses, and bathing suits were everywhere.
Do you sell jewelry?
Like some other markets with big cash and carry areas, OffPrice Show has a STRONG selection of jewelry! It was overwhelming for me, but I’ve never sold jewelry and wouldn’t even know where to begin. The seasoned jewelry buyer would immediately know what they’re looking for.
Do you have one of these buyer traits?
Experienced Buyers: You know your market and customer, you know what sells, and you know the quality you’re looking for.
Confident buyers: If you’re new to buying—or you struggle to speak up, ask what you’re looking for, or say no to reps—this show may not be for you.
Unlike many showrooms I’ve visited at other markets, many of the vendors at this show are men. In addition, most of them have been in the manufacturing industry for a long time. In some instances, vendors exhibited what I would describe as an assertive approach, which some people might perceive as overly aggressive.
It’s a different vibe than other markets, and I want you to be prepared. However, the benefit of this approach is the ability to negotiate or break MOQ rules. Some of the vendors are willing to negotiate on pricing or minimum quantities, which I haven’t seen in showrooms at the more traditional and popular markets.
Curious buyers: If you aren’t experienced that’s okay! If you’re willing to explore and test by trying new categories, new lines, or new products, this could be a really fun show to explore.
Are you attending other apparel markets in Vegas in August?
Then add OffPrice to your list! Las Vegas Apparel Market, Womenswear in Nevada, and OffPrice are all scheduled for August 18th-21st. MAGIC is scheduled for August 19-21st.
Do you want to explore Private Labeling and/or customization opportunities?
I think this is one area of buying that most retailers don’t utilize often enough. There were a reasonable amount of vendors at OffPrice who offer blanks for customization, such as apparel that you could screen print. If you’ve been wanting to carry a selection of local-themed apparel with your city/town name printed on clothing, this could be a good way to get started.
If You Go to OffPrice Show, Here’s How to Make the Most of It
Think OffPrice might be a good fit for your store? Here are a few things to consider so you can make the most of your time at the show.
Quality Control
Discounted merchandise may include overstock. It’s crucial to assess the quality of the products to ensure they meet your store’s standards. Building a good relationship with reliable vendors can help mitigate quality concerns.
Set Clear Goals
Define what you want to achieve at the show. Whether it’s finding new suppliers, expanding your product range, or exploring new trends, having clear goals will help you stay focused and make the most of your time.
Budget and Financial Planning
Plan your budget carefully before attending the show. The allure of discounts can lead to overspending, so set clear financial limits and prioritize purchases that align with your store’s strategy. Having a clear plan can prevent impulse buying and ensure a more strategic approach.
Do Your Research
Before attending, research the vendors and product categories that will be present. You can do this on the OffPrice website or app. Identify the ones that best align with your store’s needs or pique your interest.
Enhance Your Product Offerings & Improve Your Margins at OffPrice Show Las Vegas!
In my opinion, OffPrice Show is well-organized and easy to navigate. The show is all in one area and on a single floor. There’s lots of helpful signage, a large dining area, and a user-friendly app, as well as fun bonuses like free popcorn and gelato in the afternoons.
One area I wish I had visited at the beginning of my two days was the area they call “The District.” It was a lounge-type area with comfy seating where you could watch a series of helpful and educational videos.
Not only were the videos helpful in terms of attending the market, but they also provided some helpful tips on buying—for example, how to pair items together for your customers. While Stacey was still browsing vendors and placing orders, Dawn and I sat on the couch eating our popcorn like it was movie time.
If you attend the OffPrice Show, I encourage you to stop at “The District” and watch the videos first. They were surprisingly informative and full of useful tips.
Staying at the Venetian while attending OffPrice is SO convenient. It’s a short walk from the casino floor to the Venetian Conference Center. And the rooms at the Venetian? They are impressive! You can book a discounted room at the Venetian through the OffPrice website.
The OffPrice Show in Las Vegas offers opportunities for independent retailers to enhance their product offerings and improve profit margins. However, it is important to evaluate whether the show’s offerings align with your store’s target market and your overall buying strategy. I hope this episode and blog post help you make an informed decision for your store!
Resources
- Learn more and register for OffPrice Show at www.offpriceshow.com/lasvegas
- Apply to join Master Shopkeepers, the only territory-protected retail training mastermind for independent brick and mortar store owners
- What stage of your retail journey are you in? Find out with the 8-question Savvy Shopkeeper quiz.
Timestamps
- [03:15] What is OffPrice Show?
- [04:47] Three Benefits of Attending OffPrice Show in Las Vegas
- [06:35] What to Consider Before Going to the OffPrice Show
- [15:30] If You Go to OffPrice Show, Here’s How to Make the Most of It
- [18:06] Enhance Your Product Offerings & Improve Your Margins at OffPrice Show Las Vegas!
Connect With Kathy
Kathy Cruz is an Independent Retail Coach who helps store owners work smarter, profit more, and grow their brick and mortar businesses.
Connect with Kathy and learn more here:
Website: www.savvyshopkeeper.com
Instagram: @savvyshopkeeper
Mastermind Group: Master Shopkeepers
