Why Used Clothing Can Survive The Global Health Crisis
While resale has been around for years — through traditional thrift shops, Craigslist and eBay — the digital, mobile-focused platforms really took off in popularity last year. Online resale marketplace ThredUp partnered with a number of brands, including Madewell, Gap, Macy’s and J.C. Penney. Legacy department store Lord & Taylor was acquired by rental and resale platform Le Tote late last year for $100 million. And Urban Outfitters announced in May 2019 that it would launch its own apparel rental company, Nuuly. These initiatives were driven by demand as the circular economy and sustainability increasingly became valued among consumers, as well as to drive more foot traffic into stores, particularly among younger demographics. “The RealReal is really being driven by a lot of millennial adoption and Generation X, Y,” Chris Ventry, vice president in the consumer and retail practice of SSA & Company, told Retail Dive in an interview. “So, a lot of these retailers were hoping to bring in a traffic source into their stores and fill potentially unproductive retail footprint space.” Read more at Retail Dive.
