the thing to remember with outlet stores is to grab it when you see it. In theory merchandise in those stores is supposed to completely turn over every three weeks.
Ah, but theory and practice are not always the same thing. Last Call (as I'm sure you know, but others may not) has a rotating color-stamp discount system, wherein items drop from 30% to 75% off the already-discounted ticket price over the course of three markdown cycles that aren't necessarily a week in length. What you really have to ask yourself is, "What is this item worth to me?" (Actually, you should always ask yourself that before buying anything.) If the price is too high, wait to see if it survives a markdown cycle to the point where you'd kick yourself for not buying it. Having done this, I have been able to divide items between the "I'm glad I didn't wait," "I didn't want to pay that much, anyway," and "I'm sure glad I waited" categories. (This works better if you befriend a sales manager who can tip you off to the start dates of the markdown cycles.)