Macy’s, JCPenney partner with world’s largest thrift store
ThredUP, the world’s largest fashion resale platform, inked deals with JCPenney and Macy’s. Both retailers plan to carry secondhand items from thredUP in a number of their brick-and-mortar locations.
“We’ve been talking to a number of retailers over time and I give JCPenneys and Macy’s a lot of credit, I think they’re thinking about the young customer, they’re thinking about millennials and Gen Zers,” thredUP CEO James Reinhart told the FOX Business Network’s ‘Varney & Co.’
According to Reinhart, the company has streamlined the process online for sellers and buyers of vintage clothing.
“We’re a marketplace for second-hand clothing. We make it easy for people to clean out their closets,” and on the other side, Reinhart said, “If you are a shopper you shop online like you were shopping at any online site.”
Despite warns of a retail apocalypse for brick-and-mortar retail, Reinhart was optimistic about the importance of retail having a physical presence.
“Retailers are struggling a bit but let’s not forget that 85 percent of apparel today is still bought in stores,” Reinhart said.
According to Reinhart, the interest in fashion with a vintage or distressed look will always be in vogue.
“I think it’s not a trend going away….I think increasingly people want unique items.”
Reinhart then predicted that with the expanding options for consumers their closets will look very different in the future.
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“I think they’re going to mix and match from new stuff and used stuff and they’re going to rent stuff and I think the closet of the future is going to look very different from the closet of today.”