As prices soar across the country, one retailer is bucking the inflation trend and actually lowering how much it charges, MarketWatch reports.
ThredUp — an online clothing consignment and thrift store — has “chosen to strategically lower prices in order to engage as many customers as possible during a time when consumers are feeling price pressure,” James Reinhart, chief executive, said on a recent conference call about his company’s third-quarter performance.
ThredUp sources items domestically: The name-brand clothing, shoes and accessories it sells come from consumers who clean out their closets and send their unwanted items to ThredUp. (They earn cash or store credit when their items sell.)
As a result, the retailer is less affected than others by the supply-chain issues that have driven prices higher throughout the U.S. economy.
MarketWatch reports that during the third quarter, average prices on ThredUp were down 15% from one year prior.
During the earnings call, Reinhart expressed his intention to keep the lower-price policy place “in the quarters ahead,” according to MarketWatch.
Despite lowering prices, ThredUp is not narrowing its ambitions. The retailer recently announced an expansion of its facility in the Dallas area. Upon completion, it will house up to 10 million items, boosting overall capacity for ThredUp’s distribution-center network by 150%.
Shopping at ThredUp is just one way to cut your costs by purchasing high-quality, gently used items. For more on saving this way, check out “11 Secrets to Finding Quality Clothing at Thrift Shops.”
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