The thrift-store industry has thrived in a bad economy, growing 5 per cent in the year 2011 as per the Association of Resale Professionals. Thought as dust piles once, where the underprivileged looked for cheap bargains for their day-to-day requirements, thrift stores today have started adding perks and items that impart a more-exclusive feel to the shopping experience for all, and so whatever stigma that existed regarding these second-hand stores is long gone. Satisfying the needs of all, from consumers hitting the thrift stores as an affordable option to clothe their families and furnish their homes, to consumers with recent strict budgets. Customers are flocking and gathering around these and other second-hand stores, seeking bargains and quantity sales in the difficult times.
Some shoppers using the thrift stores are not only saving money but, are using them to make more. People are buying pieces from well known names for the purpose of resale, i.e. a garment from Anthropologie that retails for around $ 100 at the retail outlet is selling at a thrift store for $ 4.99 and have shoppers who intent to flip it for a profit online, because once you own it, it belongs to you and you have full authority to do anything with your purchase. Thrift store Hope Chest has reported at least a 20 per cent uptick in sales and another Modesto thrift store, Buy-Rite’s business is up by 40 per cent, which shows that not only the big names but, smaller thrift shops are also getting the attention.
[bleft]Generally owned by charity organizations, and also operated as independent profitable business ventures under contracts, thrift stores selling good condition second-hand goods for cheap are booming. Thrift stores run by the likes of Goodwill, St. Vincent De Paul, the Salvation Army, Savers and other independent operators, have been reporting better than average business lately. Slowly making their place in the retail scenario and with one of the strongest names in the thrift store industry, Goodwill’s retail sales totalled close to $ 3 billion in the year 2010, with figures of 2011 projected to be higher by around 20 per cent, the thrift stores seem to be anything but gone…[/bleft]
According to the Association of Resale Professionals, working more like a nationwide trend, flourishing thrift stores are a result of many businesses closing their doors. Amongst other reasons for the success of the concept, the thrift shops are picking up for many of the same reasons consignment shops are a success. People are downsizing and getting rid of things they don’t need in exchange for cash at the moment which includes nice clothes, furniture and other items and those who never thought they would shop in a thrift shop are frequently visiting them because of the high price of clothing in traditional retail shops. Worldwide, new stores continue to pop up and others are adding branches, according to the thrift store industry group, and as per their reports store openings have grown by 7 per cent per year for the past two years.
Business opportunities…
Not all thrift stores are non-profit set-ups, in fact, one of the major players in the thrift store industry ‘Unique’ is not a charity, it is a massive ‘for-profit’ business that contracts with charities to pick up and buy their donated goods at bulk rates and keeps whatever it makes on resale. Savers, Unique Thrift stores and Valu Thrift are other ‘for-profit’ stores in the business that make money like any other retailer in the business or are doing even better than them in the harsh economic condition. The thrift stores also help the local economy by increasing the rate of employment. With a huge demand for the vintage styles and, the fashion already ruling the forecasts for the coming seasons, these stores attract a larger consumer base trying to buy vintage pieces at affordable prices.
In love with the idea that ‘pre-loved’ and owned thrift store merchandise is cool, the consumers are finding thrift store shopping to be the best way to get value. While 2011 proved to be an extremely prosperous year for these stores, 2012 seems to be a brighter chance for business, as customers are trying to stretch their shrinking dollars. Further with people rethinking and working on their spending habits, one person’s trash is proving to be other person’s treasure…
