After all, who got acclaim as one of the richest men on Earth? Sam Walton, or the guy who owns Saks Fifth Avenue? Do you even KNOW who founded Saks?
My stepsister worked with me at my consignment shop, One More Time, every day. One Sunday, we attended a giant gathering. (Now keep in mind, it was a sweaty summer day, dusty, in Ohio, but still…) She looked around and, behind her hand, said to me, Not a single woman here is wearing anything we’d accept at One More Time.
She was TOTALLY right. Even to what WE were wearing (well, me, I had on a tasteful hand-woven skirt and a darling camisole top, but her…)
The meaning of Ted’s saying is: Not everyone wants/ can afford/ cares about/ even knows about luxury. They want easy-to-care-for, easy-to-buy goods. And, if you provide that (at a time and place and price that works for your customers), you can grow rich.
Now some of this is sheer volume. We all know, of course, that more people want so-so stuff… or at least will buy it, given time and budget and taste restraints… than wonderful stuff. So the market for customers of so-so is a heck of a lot bigger than the market for splendid. Anywhere, anytime.
And some of this, in our resale/ consignment world at least, is profit margin.Yes, you’ll sell the Chanel suit, and to one very happy puppy. But before you do, you’ll sell 25 Jones New York or 50 Liz Claibornes. Which makes more money, satisfies more customers, brings in more traffic?
Not, goodness, that you shouldn’t accept, showcase, talk up the Chanel (or the dozen Chanels) you’ve received. Just don’t even THINK of turning away the Lizzes or Jones or even (depending on your shop’s market place and the image you have developed for your shop) the (dare I say it?) LL Beans or Lands’ End or Coldwater Creek. You know better than me, that 95% of your clientele (and 99% of your potential clientele) simply do not want the Chanel. But 85% of your customers will buy an immaculate, stylish, Talbots or even a Bisou Bisou or INC or Calvin Klein item.
So. If you want to wear silk, sell polyester. Convenient, wanted by most, goods will enable YOU to choose the luxury items you want.
Auntie Kate The Resale Expert 
[…] One of the wisest things ever said to me about my business (Thanks Ted!) […]
What a smart thought you show here. I am constantly overriding my managers incoming choices, thinking they are just so so. I never thought so much about what the majority of my customers are actually wearing. I was thinking more about what I want to see in my store. I will definitely spend some time thinking about this topic. Thanks so much!
Not everyone wants to wear silk, either! It’s a lovely idea to have a fancy schmancy consignment shop, but I agree – most people just want clothes that fit them well and don’t cost and arm and a leg. Dare I say… they want a bargain.
I read the comment posted earlier “she was the kind of woman who wore department store jewelry”, and I thought to myself, well, what’s wrong with that? I wear department store jewelry sometimes. I’m dreadful at losing things, and if I lose a $15 pair of earrings, no big deal. If I lose a $300 pair of earrings, it would ruin my month. Some girls are just practical.
I don’t want to be a snobbish shop owner. I want all my customers to feel welcome, whether I consider their tastes above or below mine.