Resale is up. Last year, 1/3 of all apparel purchases made were resale, and that number is only rising. All of this growth begs the question – where is the future of resale? We know NYC, LA, and the other gigantic cities have the demand for resale, but what other cities are next up?
Well, there are two things going on here. The first is the growth of resale online. Platforms like StockX, Depop, eBay, etc., are growing quickly. There is simply more volume flowing through the platforms, as more people are interested in buying pieces from a source that is not the manufacturer (buying Nike shoes from StockX, not Nike’s website). Because of the increased traffic of online resale, there are more resources devoted to it and that branch of resale will continue to develop.
The second area of growth is the growth of physical stores: there are more actual storefronts that are focus on resale. These are consignment stores, sneaker resale stores, etc. These stores are popping up around the country everywhere, not just staying exclusive to larger cities like NYC. Because of how connected everything is with technology, fast fashion isn’t limited to cities; people in Little Rock, Arkansas are just as involved in fast fashion as people in NYC.
So what does that tell us about where the future of resale is?
Smaller cities are up. The demand is growing and spreading around the country, and somebody has to supply it. There are stores opening in Indianapolis, Tucson, and Spokane-level cities, and those stores are the money-makers. There is an opportunity to win huge market-share in these cities because of a lack of existing stores, and the stores can be a “big fish in a small pond.”
So, if you are a store-owner or looking at becoming one, focus on these cities. Also, shameless plug to Copyt’s enterprise plan for keeping your store organized.
Mateo Moyon