The RealReal is a luxury consignor that was originally solely online. The business has received a phenomenal amount of funding exceeding the amount given to other similar startups. The six year old company is chiefly known for the resale of luxury women’s apparel, but has expanded slightly throughout the years. They recently received a 50 million dollar investment from Great Hill Partners, which came at an opportune time for their plans for 2018.
With the vast amounts of funding that the company has received it has decided to delay the time frame they had projected to start turning a profit in favor of increasing the visibility through brick and mortar stores. This idea was encourage by the success of the pop-up stores that they opened in New York and SoHo. The number of online buyers from the San Francisco area increased by 500 percent after the pop up there. As a result the company hopes to expand its physical presence in order to increase its online business. It has plans to open other pop ups in places such as Las Vegas throughout the year, and expects even better results from places where pop ups are less common and therefore more exciting.
The RealReal believes that giving potential customers the in-store experience is the key to getting more people to try their company. Their pop ups have been geared toward a fantastic experience that gives people who were skeptical or did not know about the online store something to scope out. And they mean to leave a good impression. These sites offer authentication specialists and gemologists, as well as evaluating services that people can use to see how much their items would sell for. Even their general sales staff is carefully selected to enhance the experience. The director of marketing believes that pop ups offer a different kind of presence that will expand their stores visibility and RealReal believes that they will help to get the word out to more people about the resale option they offer.