THE REALREAL WOOSTER STREET STORE: HOME FOR CONSIGNMENTS

RealReal is a store that focuses on the sale of things that are purely authentic. It is an online platform that was first launched in New York, at SoHo, on November. In the year 2011, June, Julie Wainwright, former CEO of Reel.com and Pets.com founded the store. She employs a team of experts that assures the clients and customers of the originality of the handbags in the shop, through an inspection and authentification process, before shipping. These commodities are luxurious but secondhand.

This idea of the website sprung as a result of her shopping spree trip to Silicon Valley, Atherton, in 2010. Julie stumbles upon a small boutique with designer items, where her friend purchased several. She spent that night researching on markets with luxury secondhand, eventually trying out her luck by selling her things with success.

The store has currently expanded to San Francisco. In January, the company made known to the public that they would fund a furnished gemology chair at the science college, Arizona University. The company tries to avail the high-end fashion to clients by giving free workshops which educate them on information to details of looking out for authenticity.

The store offers voice recordings on how to pronounce each designer brand. It recently opened a section for men’s items on sale within the store. It provides an invitation to people to information about crafts, learning more about the materials. Julie embarks on a mission to launch a mobile application to expand RealReal’s online platform further.

RealReal’s strategy of further expansion lies in the ideology of establishing physical stores, such as one currently being erected in New York. Initially, the store started in the apparel sector of business, selling watches and jewelry to provide a place for consignors, which in return led to rapid growth of the company. Wainwright launched six offices for valuation within the United States for the jewelry.

The store has employed a team of people who mainly work on sales to ensure that the closets are cleaned out. Millennials form a third of the consumer percentage of RealReal’s items.

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