This is as been proclaimed to be “The Year of the Pop-Up” by the web based consignment shop The RealReal. The site started in 2011 from founder Julie Wainwright’s kitchen table. Today they employ over 600 people nationwide and ship luxury items around the globe. Just as the name indicates, all the items sold are the real deal and verified as authentic items.
A February 8 article on digiday.com highlighted the success the digital store-front had with a pop-up location in New York City. Spokesperson for the storefront says customers bought six times more in-person than online. The experience has brought the fearless leader Ms. Wainwright to exclaim 2018 is the year The RealReal opens pop-ups in other locations, as well, to test the market waters throughout the U.S.
The consignment based store front relies upon fashion trends and resale values of the trends of the previous season or year. Men tend to shop more jewelry and watches for themselves. Women are the primary buyers, with purchases in jewelry and apparel.
Wainwright literally started the business by clearing out the extras from the houses of people who didn’t necessarily want others to know they were reselling their previously hot styles. She claims to have the inside track on fashion trends by monitoring which age groups and certain demographics purchase which types of items. Prices of items are set upon demand. One designer may be priced high to begin with, but as the market becomes saturated, the price goes down.
The RealReal also boasts the company’s positive environmental impact. Every time a second hand luxury item sells, it is kept out of a landfill. This increases the use of an item or article of clothing. It also frees up the money of the person selling the item or items, too. This encourages a circular economy to benefit all involved in the process.