Big Lots is a prominent closeout and discount retailer in the United States, recognized for its varied selection of overstock, excess, and liquidated goods sold at reduced prices. The company operates neighborhood discount stores and warehouse-style locations that offer everything from home essentials and seasonal decor to electronics, snacks, and gift items at deep markdowns. Its value proposition centers on convenience, variety, and predictable low pricing across a broad assortment of merchandise categories.
Origins and Early Name
Big Lots began as closeout retailer Consolidated Stores Corporation, founded in 1967 in Columbus, Ohio, by Sol Shenk. The first warehouse-style store opened under the name “Odd Lots,” focusing on surplus and irregular stock sold at aggressive discounts. This early identity reflected the company’s core strategy of leveraging overstock and returned goods to offer lower prices than traditional retailers on everyday household and seasonal items.
Odd Lots: The First Brand Identity
Odd Lots distinguished itself by sourcing irregular, overstock, and liquidated merchandise from national brands and retailers. The model proved resilient across economic cycles, enabling steady growth through the 1970s and 1980s as the closeout business expanded geographically. Stores were positioned as neighborhood outlets where customers could find deeply discounted pantry staples, home basics, seasonal decor, and small electronics, reinforcing the value-focused reputation that became embedded in the company’s culture.
Rebranding to Big Lots
In the early 1990s, the company formally changed its name from Odd Lots to Big Lots to better reflect its scale and the breadth of its inventory. The rebranding coincided with a wave of new store openings outside Ohio, particularly in the Midwest and South, as the company pursued a strategy of national expansion. This shift aimed to signal a larger, more comprehensive selection and a more polished brand image while retaining the core closeout value proposition that had driven early success.
Key Drivers Behind the Name Change
- Broader inventory scope beyond irregulars, including planned buys and seasonal goods
- Standardization of store formats for consistent customer experience
- Preparation for accelerated geographic expansion into new markets
- Differentiation from niche closeout competitors and general-merchandise discounters
Growth Phase and Market Position
Following the rebrand to Big Lots, the company continued opening stores in secondary markets, often near power centers and strip shopping locations to capture value-conscious suburban and rural shoppers. By the late 1990s and early 2000s, Big Lots operated hundreds of locations across multiple states, leveraging the closeout model to maintain low price points amid broader retail competition. The company’S mix of permanent inventory and special buys created a shopping environment that felt both familiar and discovery-driven, encouraging repeat visits for household needs and seasonal finds.
Ownership Changes and Strategic Shifts
In the 2000s and 2010s, Big Lots experienced several shifts in ownership and corporate strategy, including periods under private equity and publicly traded structures. These transitions were accompanied by store remodels, assortment refinements, and adjustments to merchandising practices, with an increased focus on higher-traffic categories such as snacks, beverages, and small home items. Throughout these changes, the Big Lots identity remained anchored in its core closeout and value-oriented positioning, preserving the trust of price-sensitive shoppers who relied on the brand for consistent savings on everyday goods.
Current Identity and Customer Experience
Today, Big Lots operates as a well-established closeout and discount retailer with a recognizable store footprint in many U.S. markets. The company continues to emphasize deep, transparent markdowns on a wide range of products, leveraging both legacy closeout sources and planned buy inventory. Store formats balance warehouse-style layouts with more organized, category-focused sections, making it easier for customers to find everything from cleaning supplies and party goods to seasonal decor and impulse-friendly snacks. This blend of affordability, variety, and accessibility defines the modern Big Lots experience.
Comparison of Name History and Ownership Milestones
| Period | Name/Entity | Key Milestone | Significance |
|---|---|---|---|
| 1967 | Consolidated Stores Corporation founded | Company establishment in Columbus, Ohio | Laid foundation for closeout retail model |
| 1967–1990s | Odd Lots | Original store concept and brand | Built reputation for discounted overstock and irregulars |
| Early 1990s | Rebranded to Big Lots | Name change to reflect scale and selection | Supported national expansion and brand modernization |
| Late 1990s–2000s | Big Lots, Inc. public growth | Increased store count and geographic reach | Strengthened position in closeout retail sector |
| 2000s–2010s | Various ownership phases | Private equity and public market periods | Drove store remodels and assortment adjustments |
| 2020s | Big Lots (current) | E-commerce integration and format refinements | Maintained value proposition amid changing retail landscape |
Summary of Name Evolution
The company that is now Big Lots was originally called Odd Lots when it launched in 1967 as a closeout warehouse operation in Ohio. The shift to the Big Lots name in the early 1990s marked a deliberate move toward a larger scale, broader assortment, and national expansion, while preserving the core closeout value proposition that made the early brand successful. Understanding this history helps contextualize the retailer’S enduring focus on discounted, varied merchandise and its continued presence in the closeout and discount retail segments.
FAQ
Reader questions
What was Big Lots called before it became Big Lots?
Prior to becoming Big Lots, the retailer operated under the name Odd Lots, which it used from its founding in 1967 until the early 1990s when the company rebranded to better reflect its growing scale and inventory breadth.
Why did the company change from Odd Lots to Big Lots?
The name change was driven by the company’S expansion beyond its original closeout focus, a broader and more planned assortment, and the need for a brand that supported national growth while still communicating deep discounts and value.
Are Odd Lots and Big Lots the same company?
Yes, Odd Lots and Big Lots refer to the same retailer at different points in its history. Odd Lots was the original identity, and Big Lots is the evolved name under which the company continues to operate today.
Does Big Lots still source irregular and overstock merchandise?
Big Lots continues to leverage overstock and closeout inventory as a core part of its mix, while also incorporating planned buys and seasonal goods to provide a more comprehensive assortment across categories.
Where can I verify historical details about Big Lots' previous name?
Corporate histories, archived press releases from the 1990s, business reference databases, and reputable retail industry reports are reliable sources for confirming the earlier name Odd Lots and the timeline of the rebranding to Big Lots.