Phoenix Company Cashing In As Big Retailers Close, Merge And Remodel

Published: Wednesday, June 1, 2016 - 9:22am
Updated: Wednesday, June 1, 2016 - 9:00pm
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(Photo by Christina Estes - KJZZ)
Surplus Asset Management auctions restaurant and grocer items like beverage machines.

When big retailers merge, remodel or file bankruptcy, they often turn to auction houses to sell their furniture, fixtures and equipment. Demand has become so strong that Surplus Asset Management is expanding to Canada and Mexico.

Chief Strategy Officer Ben Smith describes some of the items stores at the company's west Phoenix warehouse and yard-- “Here is a cash register for Fresh and Easy," he said. “These are ice cream or milkshake machines from Burger King.”

Smith says corporate mergers led them to recently open an office in Canada and partner with a company in Mexico.

“Every day, Kroger is buying more divisions and investing in other divisions of other companies," he said. "So, you’re seeing this massive conglomeration of industries across all retail and we wanted to be ready and poised to do that across all of North America.”

Employees sort items that are sold at monthly auctions or the company’s showroom which features premium items like a juicing unit.

“This retails for about $18-19,000 brand new believe it or not," Smith said. "We’ll sell it here in the showroom for about $6,700.”  

Smith says they’re shipping more containers filled with equipment to customers overseas, but they also sell individual pieces to people off the street. When they held auctions for the former Monti’s Steakhouse in Tempe and Kincaid’s Restaurant in downtown Phoenix, some interesting bidders showed up.

“People wanted to have that booth or that light or picture they saw when they had that anniversary or whatever they had going on," he said.

Some say you can’t put a price on memories, but Smith’s company can put a price on memorabilia.

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