Why is it Important to Run a Thrift Store?
Thrift stores have been around for years, and they’ve been garnering popularity particularly in the last decade. But for the modern retail store owner, what reasons could there be to start your own thrift store business?
Reason 1: High Profit Margins
What was once labeled as ‘second-hand’ these days is much more likely to be found under the title ‘vintage’. The difference? The price tag.
Twenty years ago, many consumers would turn their noses up at used goods, and thrift stores would usually take in much more in donations than they would sell. However, with the rise in popularity of sustainable living and fashion trends from the last few decades making a come-back, these once unloved clothes are now being fought over by millennials and Gen-Z alike. This has led to higher price tags on clothes that are usually donated (or bought by the kilogram for low prices). Thrift retailers are able to to turn 80-95% profits on their goods, usually unheard of in the sector.
Reason 2. Promoting Sustainable Lifestyles
Think you couldn’t own a store that could make you money and give back? Well, think again. By basing the majority of your product acquisition from second-hand donations, your thrift store is running a sustainable business model that’s giving some love back to the planet. And even better than that, you’re actively promoting a sustainable lifestyle for your customers.
Reason 3. Community Building
By promoting a sustainable lifestyle, your thrift story is also building a community of consumers that want to make more environmentally friendly choices. According to a Mckinsey 2019 report, Gen-Z fashion trends are rooted in social and environmental issues. So what better way to meet their consumer demands than offering them the opportunity to buy sustainable clothing?
If you’re thinking about starting your own thrift store, get in touch with Sysgestock today. Our retail sales team can help you with everything you need to implement a point-of-sale system that will help you to boost your sales and grow your customer base. Get in touch by contacting email@example.com today.