The RealReal has just opened its fifth brick-and-mortar store in Chicago. The expansion is part of a larger initiative to capture the fast-growing luxury resale market beyond the coasts.
“That was the next location where we wanted to be able to set a footprint for people to come and actually touch and explore our products,” said Dan Ocampo, Head of Retail and Expert Operations at The RealReal.
The RealReal’s newest store is located on Chicago’s Michigan Avenue. The Midwest serves as the perfect addition to the brand’s growing physical footprint, which currently has locations in New York City, San Francisco, and Los Angeles.
“Chicago is the heart of the Midwest and it’s a major city for us as we continue to grow that market from a consignment side. Looking at the information and seeing how we can grow the team there, we’ve been able to capture a larger base, and opening a storefront would definitely help expedite that,” said Ocampo.
The Chicago flagship store incorporates elements of experiential retail, with a café and digital advancements used throughout. These enhancements are used in each of The RealReal’s brick-and-mortar locations.
The retailer started out with only an e-commerce site. But now, brick and mortar has become a crucial part of The RealReal’s retail segment, to showcase their products in a new light.
“Brick and mortar is an important part of the business for us. We understand how it really brings our brand to life when consignment could be a little tricky for most. It’s hard to envision what luxury consignment looks like,” added Ocampo.
The high-end resale market is rapidly growing and has fared particularly well – even in the current pandemic. Currently, the sector is estimated at $26 billion, and is forecasted to grow 12-15% by 2023.
Items in the high-end resale market, such as jewelry and watches have seen a spark in desire among consumers shopping at The RealReal. This demand shows a positive sentiment for both the luxury resale sector and brick and mortar, which can result in long-term growth for the market.
Source: RealReal Expands to Midwest – Business Insider
Photo Credit: RealReal Expands to Midwest – Business Insider
About The RealReal, Inc.
The RealReal is the world’s largest online marketplace for authenticated, consigned luxury goods. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have 150+ in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by hundreds of brands, from Gucci to Cartier, supporting the circular economy. We make consigning effortless with free in-home pickup, drop-off service and direct shipping for individual consignors and estates. At our stores in Chicago, LA, NYC and San Francisco, customers can shop, consign, and meet with our experts. At our 10 Luxury Consignment Offices, five of which are in our retail stores, our expert staff provides free valuations.