The past five years have brought a tremendous new perspective to the resale shopping world. Frugal living has become a popular trend among many households and with the ever changing global environment, the “reduce, reuse, recycle” mantra has become more popular than ever. NARTS, (The Association of Resale Professionals) probably has the best perspective on resale vs. retail industry statistics and trends today. The resale industry offeres quality second hand items with fabulous savings.
We decided we would highlight some of the cool fun facts about the current industry statistics and trends of the resale industry that NARTS has published.
- The resale industry is healthy and is one of the fastest growing segments of retail
- The industry has experienced a 7% growth rate per year in the last two years (reflected by the estimated number of new resale stores opening each year, less the businesses that close)
- NARTS provides invaluable continuing education to members that enhances the success of business owners and the industry as a whole
- NARTS reports that there are over 25,000 resale, consignment and not-for-profit resale shops across the United States
- Resale is a multi-billion dollar a year industry
- Goodwill Industries alone generated $2.69 billion in retail sales from more than 2,500 Not For Profit resale stores across America in 2010
- Buffalo Exchange began with a 450 sq. ft. shop in 1974, has grown to 43 stores plus 2 franchises in fifteen states, they employ more than 700 people and generated annual revenues of $64.4 million in 2010
- Crossroads Trading Co., based in Berkeley, CA, rang up over $20 million in sales last year at its 27 stores with plans to add additional locations
Resale shopping attracts consumers of all economic backgrounds and levels and continues to blossom thanks to value-conscious consumers. “According to America’s Research Group, a consumer research firm, about 16 – 18% of Americans will shop at a thrift store during a given year. For consignment/resale shops, it’s about 12 – 15%. To keep these figures in perspective, consider that during the same time frame; 11.4% of Americans shop in factory outlet malls, 19.6% in apparel stores and 21.3% in major department stores.”
“With an increasing awareness of the importance of reducing pointless waste, we are progressing from a disposable society to a recycling society—a change that has enormous market potential for the resale industry as a whole. After all, “Resale is the ultimate in recycling!”