The RealReal opens first permanent store in New York City
The RealReal has made its digital luxury consignment experience physical with the opening of its first ever retail and consignment space in New York City.
Founded by Wainwright in 2011, The RealReal enters the retail world, competing with consignment shops like Ina, local New York City consignment shop Tokio7, and luxury handbag resale service Rebag, which opened a temporary concept store in New York City this month.
The RealReal saw an opportunity to open physical stores after it received $50 million in funding in June from Great Hill Partners. The company said it planned to put the new funding towards creating retail concepts, as well as expanding its 7 consignment offices in Chicago, Dallas, Los Angeles, Miami, San Francisco, Washington DC and Midtown Manhattan.
The 6,000-square-foot store at 80 Wooster Street offers a rotating product mix of one-of-a-kind men’s and women’s fashion, fine jewelry, watches, home furnishings, décor and art. The space’s main floor features the women’s product assortment displayed in a 35-foot wall with 13 hidden closets, including a floor-to-ceiling wall of Hermès Birkin bags, while the lower level is devoted to menswear, a library, lounge area and an outdoor space that will be open in the spring and summer.
"After much success from The RealReal's pop-up shop in New York last holiday season, we're ready to expand our e-commerce business to a permanent brick-and-mortar space as another touchpoint for our customers and consignors," said The RealReal CEO and Founder Julie Wainwright.
The New York City pop-up that opened for the holiday season in 2016 staffed specialists to help customers learn about the authentication process. The luxury consignment company’s new brick-and-mortar space also staffs gemologists, horologists and authentication specialists to engage and inform customers and consignors with workshops and free educational sessions on authentication, styling, design, and current trends.
In addition, a luxury consignment office is on site for consignors to drop off items, and to offer item repairs, alterations and authentication.
Wainwright added, "We not only created a concept store that represents The RealReal with the best product, but we created a next-level customer experience for buyers and consignors that leverages the speed of e-commerce with the brand experience of brick-and-mortar."
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