While many businesses close their doors day by day, resale continues to be healthy and continues to be one of the vital quickest growing segments of retail. With new stores getting into the industry and current businesses opening additional locations, the industry has experienced a growth—in variety of stores—of about 7% a year for the past two years. This percentage displays the anticipated number of new stores starting annually, minus the businesses that close. NARTS is proud to say that future owners who look to the Association for schooling previous to beginning, then proceed their education via NARTS club and meetings, are very successful.
Many resale shops don’t continue to exist that critical first year because the owners didn’t do their “homework” and had no idea where to start or what to anticipate. There are currently greater than 25,000 resale, consignment and Not For Profit resale shops in the USA. Resale is a multi billion dollar a year industry. There is a giant discrepancy on annual sales stated for the U. S.
resale industry. First Research estimates the resale industry in the U. S. to have annual sales of about $17. 5 billion including earnings from vintage stores which are 13% in their facts.
ThredUP, an internet resale market, pegs the complete resale market in 2018 at $24 billion . predicting it’s going to reach $64 billion by 2028. The RealReal, a luxury consignment site, mentioned revenues of $207 million in 2018 and estimates 2020 sales of $406 million and 2022 sales of $700 million. In a Barron’s article, Cowen retail analyst Oliver Chen estimates that The RealReal has a 14% share of the growing $7 billion U. S. market.
Goodwill Industries alone generated $5. 9 billion in retail sales from greater than 3,000 Not For Profit resale stores and online sales in 2017. Crossroads Trading Co. , based in Berkeley, CA, rang up over $60 million in sales in 2018. They have 37 locations, and over 300 personnel and plan to add additional locations.
Buffalo Exchange suggested $87 million in sales in 2017 in response to V. P. Rebecca Block in an article. Add to this the numerous hundreds of single place shops, a whole lot of multi location chains, franchises and Not For Profit stores and you begin to notice the vast scope of this all the time growing industry.