Final answer:
Off-price retailers are the ones that sell products at a discount without consistently carrying certain brands, instead buying them from manufacturers at closeout prices. This retailing strategy is typical in monopolistically competitive markets where there are many firms selling differentiated products.
Step-by-step explanation:
The type of retailers that sell products at a discount but do not carry certain brands continuously, opting instead for brands they can purchase from manufacturers at closeout or deep one-time discount prices, are known as off-price retailers.
These retailers differ from full-price stores and department stores that typically maintain a steady selection of branded goods, as well as specialty retailers that focus on a specific category. Unlike traditional discounters, off-price retailers do not have consistent stock and offer significant discounts by capitalizing on surplus inventory from manufacturers or the clearance of out-of-season goods.
Off-price retailing is a strategy used in monopolistically competitive markets, where many firms sell differentiated products.
An example of this can be seen with various types of clothing stores found in the Mall of America in Minnesota, which include stores selling women's "ready-to-wear" clothing, clothing for both men and women and women's specialty clothing. Each of these stores carries unique items, thus creating a diversified shopping experience for the consumer.