Digital-first luxury consignment platform The RealReal has opened its first flagship store in Chicago, its largest location to date, featuring in-store valuation and tailoring services
Located right on Chicago’s Magnificent Mile, at 940 North Michigan Avenue, the 12,000-square-foot store offers women’s and menswear, children’s clothing, accessories and footwear, as well as watches, jewelry, home décor and even art. The centerpiece of the flagship is a glass-encased watchmaker station, where visitors can see the store’s horologists at work and ask them for advice about watch purchases and care.
A tailor is also on hand to offer custom fitting, alteration and apparel repair services in the tailoring department on the store’s mezzanine level, while a full complement of valuation managers, gemologists, handbag experts and resale specialists are available to guide and support shoppers and consignors alike.
Hungry visitors can drop into the location’s café – CafeCafe – which offers a range of options from local companies, including Troubadour Bakery, Karl’s Craft Soup, Goddess, and Sightglass Coffee. The store’s product offering has been selected in line with brands and styles that are popular in Chicago and currently features a number of pieces from classic luxury brands, such as Prada, Valentino, Burberry and Tiffany & Co.
The RealReal new flagship store in Chicago
“Stores are always a growth strategy for us and we’ll continue to open them,” chief operating officer of The RealReal, Rati Levesque explained “We’re committed to opening two a year. We had to shut down for a few months, but now that we’re open and offering most of our capacity.”
Even though the Covid-19 pandemic has led to an increase in online shopping, which accounts for most of The RealReal’s business, the company saw a year-over-year decrease of 21% in its revenues for the second quarter ended June 30, 2020, reporting a total of $57.4 million.
Losses at the platform also grew during the quarter, increasing from $25 million in the same period in the previous year, to $42.9 million. According to the company, however, it has seen improvements in July.
The RealReal’s new Chicago flagship joins two stores in New York City, one in Los Angeles and another in San Francisco, as well as 10 consignment offices run by the company.
The RealReal new flagship store in Chicago