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Bust Times Mean Booming Business for Resale Shops

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Designer Resale. Photo via the Observer

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Now is an especially good time to consignment shop on the Upper East Side. It's like a "booming neighborhood luxury yard sale" up there reports the Observer's Meredith Bryan, who digs in to some of the bargains currently on offer at stores like Designer Resale (a black eyelet Prada dress for $300), Michael's and Encore, which just received a shipment that included this year's Yves Saint Laurent black patent-leather “cage” boots.

There are a few reasons why business is so good for consignment stores right now. One: conspicuous consumption, and the overstuffed closets that accompany it, are no longer in vogue. There's also the fallout from luxury customers' bankruptcies. In 2006, the owner of Designer Resale "was tapped to sell 2,000 designer pieces from the wardrobe of former Palm Beach socialite Lin Gosman, wife of heath care magnate Abe, when Ms. Gosman was hit with a $66 million judgment in the wake of her hubby’s $500 million bankruptcy." And as the pool of prospective consigners grows, allowing stores to be more selective in what they accept, prices of consigned goods are also dropping to keep in step with what the items would fetch on sale at places like Barneys and Bergdorfs. All good news for you, the consignment shopper.
· Consignment Shops Clean Up [NYO]