Man or woman, if you are into fashion at all, you probably already know about The RealReal. Just in case you don’t, it is the most popular luxury consignor online, on app, and now, with a flagship store in New York City.
The RealReal was started by industry visionary, Julie Wainwright, at her kitchen table in 2011. Now, it has over 600 employees, the number one spot in the luxury consignment marketplace, a brick and mortar store, and soon, pop-up shops in select markets across the US.
On the heels of The RealReal’s success with their flagship store in NYC, they are smartly testing the waters in other cities with pop-up shops. Their first pop-up was in New York’s, SoHo, in 2016. It generated 2 million dollars in revenue. According to Allison Sommer, Director of Marketing for The RealReal, the average in-store sale is 6 times that of an online purchase. That is huge for a company that previously only had a digital presence.
Sommer says they are calling 2018, “the year of the pop-up.” The shopping experience is much different in store with the brand and its value becoming tangible. Sommer believes the value of a physical location will create greater brand recognition and loyalty. The RealReal has seen proof of this loyalty and brand awareness after the end of their pop-up in San Francisco, with growth of 500% in the area since.
The next pop-up is slated for Las Vegas, with more stores popping up around the US throughout the year. They are hoping to bring the pop-up energy from markets like New York, and LA, that are familiar with the concept, to new markets around the US, as other digital retailers have previously shown their worth in building brand recognition and creating a broader customer base.
While The RealReal wants to create the most dynamic and new shopping experiences for customers in new areas, they probably will not be able to provide cafes, or flower shops, in all of the pop-ups, like they did in NYC. However, they will have authentication, and gem experts, on staff at all of the shops. They have carefully curated a staff of experts to create a most unique and professional experience for their customers.