Off-price retailers are characterized by their unique merchandise offerings, which primarily consist of excess inventory, closeouts, and irregulars. This business model allows these retailers to sell brand-name products at discounted prices by acquiring surplus stock from manufacturers, seasonal items that did not sell well, or items with minor imperfections.
This approach benefits consumers who are looking for quality products at a lower price point, while also helping brands to manage inventory effectively and reduce losses on unsold merchandise. The key aspect of off-price retailing is the focus on finding bargains rather than offering the latest or customized goods. Hence, excess inventory and closeouts directly align with the typical merchandise strategy employed by off-price retailers, making it the most accurate description of their offerings.
Other options suggest a focus on new products or luxury items, which do not align with the off-price retail concept, as off-price retailers deal with discounted items rather than exclusive or high-end products tailored to individual preferences.