What is Off-Price?
Off-price is a type of practice used in retail that refers to the sale of merchandise at a price lower than the original retail price. This can include items that are overstocked, out of season, or from previous collections. Off-price retailers often purchase these items at a discount from manufacturers or other retailers and then sell them at a lower price to consumers. This business model is often used in department store chains, discount retailers, and online marketplaces.
TJX Companies and Ross Stores are among the largest retailers of this type.
The origin of this practice is in the US and as per 2018 statistics there were more than 6300 off-price retail stores, the cumulative market segment is valued at 50 billion dollars, and it exceeded 80% of the world off-price market segment.