Auntie Kate The Resale Expert

On Sharing today, some consignment and resale store owners were discussing what happens when new competition comes into your marketplace. In this particular discussion, large thrift stores were the newcomers, but really, any competition, from the designer consignment boutique to the junk-shop variety, can cast a pall upon your attitude and your income.

Let’s discuss securing one’s place in the marketplace even when it seems one does not “need” to. One shopkeeper said that before a professionally-run thrift came to her area, “I put out hardly any effort…” meaning, I assume, that she was happy to serve that segment of her community which discovered her. Meaning, I assume, that she didn’t put out an effort because that segment which WOULD discover her WITHOUT a reminder or persuasive words was enough for her to make a living on.

But then a competitor opens, and suddenly, that “natural” market, those blessed folk who appear on a resale shop’s doorstep without the owner making much effort…is split. Some go to the thrift. Some go to the thrift sometimes. Some never go to the thrift after a single exploration, preferring the consignment shop. Some never go to the consignment shop again, because the thrift suits their needs better.

The natural market is now having to “support” two stores.

And that means the shopkeeper who has not made an effort to expand her natural market has her income slashed. She has fewer customers (because some have migrated over to shopping the competition) who come in less often (because sometimes they’ve found what they need at the competition) and spend less (because they’ve spent part of their shopping budget at the other place.)

Every shop needs its name, image, selection and more constantly out in front of the public, even when it seems unnecessary to work on visibility because the shop is the only place “like it” in town.

Why continually make your shop visible? Well, for one, because to tempt and persuade the 85% of people who never shop resale to actually come explore your shop (you know, the ones who exclaim, No REALLY, this CAN’T be a consignment shop…it’s so NICE!) is an income (and ego) inflator.

And two, because you never know when competition will show up. Wouldn’t it be grand to be, due to your community involvement and visibility, the established and preferred place when competition arrives (and you know it will)?

And three, because there is ALWAYS competition. It may not be terribly obvious, like a national thrift moving in, but it’s always there. Let’s see, spend this extra $20 this week at the resale shop, or go out to dinner? Or buy a few books or take the kids for ice cream? They don’t constantly see reminders of your shop, it’ll be the ice cream shop or bookshop or restaurant that makes the $20, not you. And that is not a good thing.