First Look: The RealReal takes online experience to brick-and-mortar
With luxury resale booming, online consignment start-up The RealReal is on a roll, opening its second permanent store on the heels of securing a new round of funding.
The company’s new outpost is located on trendy Melrose Avenue in West Hollywood, Calif. The 12,000-sq.-ft. space, which includes a separate 5,500-sq.-ft. men’s shop with its own entry, encompass The RealReal’s entire merchandise offering, from designer apparel for men, women and children to jewelry and accessories to furniture and art. It also features a café.
Similar to the brand’s Manhattan flagship in SoHo,the store offers an array of services, including free authentications and appraisals of jewelry, watches, and handbags. It also offers regularly-scheduled workshops in authentication, styling, design, and current trends.
Other store highlights include:
• A “sneakerdome,” watch bar with rare watches, and a suiting and tailoring area in the men’s shop;
• A 1,500-sq.-ft. handbag “vault” with wall-to-wall luxury handbags;
• Personal stylists; and
• Curbside and in-store consignment drop-offs.
Last week, The RealReal announced the closing of $115 million in Series G financing, bringing the total raised in private equity capital to $288 million. The company, which says it stands apart from other consignment sites in that it takes possession and authenticates every item prior to sale, plans to use the funding to expand its portfolio.
“This new round of funding will allow us to expand our brick-and-mortar footprint into new markets, as well as support our growing supply of luxury goods with new e-commerce fulfillment centers,” said Julie Wainwright, CEO and founder, The RealReal.
The company’s expansion comes as consumers are showing renewed interest in consignment retail. The apparel resale market, including online and offline sales, is expected to grow to $33 billion in 2021 from $18 billion in 2016, according to a study by Coresight Research.
The West Hollywood RealReal store utilizes RealReal 360, the retailer’s proprietary technology solution that provides a unified view of all inventory and customer behavior across the brand’s channels, including brick-and-mortar, desktop, mobile, e-commerce centers, and its luxury consignment offices.
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Tory Burch moves Down Under
An upscale women’s apparel and accessories company is opening its first location in Australia.
Tory Burch will open the doors to its first store in Sydney, Australia, on Aug. 1, according to Inside Retail.
The new location will feature an extensive ready-to-wear collection, as well as handbags, shoes, eyewear, watches, and accessories.
The company plans to open a second store in Melbourne in December, according to the report.
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Innovative, healthy-nutrition grocery concept to debut in Northwest
A new company backed by the founder of Pacific Foods is looking to reinvent the grocery store model.
The new store, called Basics Market, combines a market, nutrition classroom and kitchen under one roof, with a goal of increasing access “to foods at peak nutrition.” It will open late this summer in Portland, Oregon, where it will anchor The Portland Clinic. A second location is expected to open by year end in Tualatin, with a third in Beaverton, in 2019.
The 7,500-sq. ft. store will feature of curated selection of what is needed to cook nutritious meals at home.
Products (or ingredients) will be organized by recipes at five meal stations, developed by an in-house culinary director and vetted by a nutritionist for optimal health. Shelves will be stocked with just a few choices in every category, prioritized by local and sustainable suppliers whenever possible. The best produce of the season will be delivered fresh daily, and shoppers can choose from high quality regional meats and dairy products.
A third of the space will be dedicated to nutrition and culinary education, with a full calendar of diverse classes daily. An in-store nutritionist will be on hand to guide shoppers interested in improving their health.
Basics’ upstairs neighbor, The Portland Clinic, is expected to take full advantage of the store to help patients avoid and improve health conditions, from diabetes to heart health.
A collective of farmers, ranchers, grocery veterans and consumer packaged goods experts are building Basics with Eggert, who sold Pacific Foods last year to Campbell Soup. Eggert family members manage some of the largest organic farming operations in the state. Much of the meat, poultry and eggs carried at Basics will be from Eggert farms, where they provide plenty of access to pasture.
“We think one of the best things for your health is to cook your own food, and that the most nourishing ingredients you can use are in season, grown locally,” said Eggert. “One of the ways we saw to help people get the best nutrition was to make what we grow and raise here in Oregon more accessible, and we’re working with others to do the same.”