By Christian Smith
The resale market is booming: in April, reports surfaced that the industry would swell by 2022 and hit an estimated $41 billion. Resale shopping may even outrun traditional retailーand Goodwill wants in on the success.
What's the strategy? Millennials’ love of thrifting. So Goodwill is launching a new boutique concept to do just thatーpartnering with YouTube influencers and students at the Fashion Institute of Technology. It's not a bad idea. According to Thred Up's reseale report, millennials shop second-hand more than any other generation.
Attracting younger customers is not only a major priority, it's a necessity: the company's average customer is roughly 45 years old, says Katy Gaul-Stigge, president and CEO of Goodwill Industries of Greater New York and Northern New Jersey.
But to achieve that, Gaul-Stigge added company execs had to make some real changes.
"The traditional second-hand shopper at a Goodwill store is skewing older,” Gaul-Stigge told Cheddar's Hope King. “So it's time for us to disrupt that."
The new boutique features both high-fashion brands to more commercial pieces. But beyond cheap pricesー$10.99 and up for a skirt and $14.99 and up for a jacketーGaul-Stigge believes Goodwill’s mission of altruism will entice new customers.
“We sponsor programs for people with disabilities. We help people get back to work. We create jobs in our stores, and that's what it's all about,” Gaul-Stigge said.
Goodwill NYNJ opened its first “Curated by Goodwill NYNJ” boutique in New York City’s Upper West Side on July 13. Gaul-Stigge says that the company plans to debut more Curated stores within existing, more traditional Goodwill spaces.