Final answer:
Outlet stores specialize in selling brand-name goods at discounted prices due to excess inventory or slight imperfections. They differ from department stores, discount stores, and specialty stores. The evolution of department stores marked a shift in consumer patterns, and monopolistic competition is a common feature in retail.
Step-by-step explanation:
The type of stores that offer brand-name merchandise at a discount, typically consisting of excess inventory, closeouts, and irregulars, are known as outlet stores. Outlet stores are different from department stores, discount stores, and specialty stores in that they focus on selling items that are overstocked or have minor imperfections at reduced prices. This makes them appealing to consumers looking for brand-name products without the full price tag. Department stores were historically a major shift in consumerism, providing an array of products and fixed prices, while discount stores like Woolworth's offered mass-produced goods at lower costs. On the other hand, specialty stores and the likes of the Mall of America feature a range of retailers offering different types of goods, often in a monopolistic competition market.