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Big Lots operated as a discount retail chain offering a wide range of merchandise at reduced prices. The company's product categories included furniture, home decor, seasonal and holiday items, food and beverages, toys, electronics, and household essentials. Big Lots stores were typically located in strip malls and standalone retail locations, averaging approximately 25,000 to 30,000 square feet.

The company's business model centered on purchasing closeout merchandise, manufacturer overruns, and excess inventory at deep discounts, then passing those savings on to consumers. This approach provided Big Lots with a constantly changing product assortment that encouraged repeat visits. At its peak, Big Lots operated over 1,300 stores across 47 U.S. states and employed approximately 30,000 workers.