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A new store is slated to open in Albert Lea on Friday that sells overstock items from several large retailers at reduced rates. 

Through the company, called iBin, people can come into the store starting on Wednesday of each week and look through bins of items from retailers like Costco, Sam’s Club, Target, Walmart and Amazon. Everything on Wednesdays is priced at $12, and as the week goes on that price is reduced a little each day until on Sundays each item remaining in the bins is $3. Staff reload the bins on Mondays and Tuesdays to reopen the store on Wednesdays and repeat the pattern all over again. 

Albert Lean Ally Johnson, who co-owns the store with her boyfriend, Mark Bolinger, and her Madison, Wisconsin-based cousin Levi Hanson and uncle Larry Hanson, said her uncle has three other similar successful businesses in the Madison area. She has always been intrigued by them, so she asked if she could get involved. 

The merchandise comes through her uncle’s liquidation company — Mad Liquidation in Wisconsin — and includes everything from home decor and electronics to home goods, apparel, shoes, toys and party supplies, among others, Johnson said. There will be three large bins full of items for sale, as well as 20 smaller bins.

In addition to the items for sale in the bins, there will be larger retail items for sale separately. On track to be sold this week were miter saws and air fryers, to name a few. 

Johnson said they are also looking into having food for sale in the building, as there is a kitchen available. She noted there are a few people with food trucks who have reached out to her about the possibility of coming into the space.  

There is also a car wash that they hope to eventually fix up and have available in the future. 

Johnson said she grew up in Glenville and graduated from Albert Lea High School in 2018. Her boyfriend graduated from Albert Lea High School in 2017, and her uncle also grew up in the city. 

She said the family had thought about renting a place on the north end of town but wanted to bring something to the west end of town where there aren’t as many stores to make it more accessible for people. 

“I think this will be a good place to rent,” she said. 

The store, at 1311 W. Front St., will be open from 11 a.m. to 7 p.m. Wednesdays through Fridays and from 10 a.m. to 6 p.m. Saturdays and Sundays.