For The “RealReal” 2018 promises to be the year of the pop up. The luxury brand promises to invest in in-store experiences to make 2018 the “year of the pop-up“. This is giving stores a street-level presence in an aim to legitimize brands. The average store order is much larger than an online order.
The company opened up a location in SoHo in November 2017 which is in direct response to a New York City popup which grossed $2 Million in sales. The company is testing pop-ups throughout new markets in the city. People are loyal to the brand, and their many retail locations suggest that.
San Francisco is also one of the new markets on the company’s radar. The company has seen a huge increase in online buyers from the San Francisco area, because these people are looking for goods that are authentic and unique. The company is also trying out a pop up location in Las Vegas which is to learn more about new markets.
The RealReal is a company which is disrupting the luxury goods market. The company has $123 Million in venture capital funding, with $500 million in products on hand. What the company is doing is they are working as a cosigner: they take products from other people and promote them to their audience. The company creates an additional layer of trust between the consumer as they inspect every product before it is sold. Before each RealReal product is shipped, the company verifies that the product is top quality.
Another part of RealReal’s strategy has been opening up stores in the New York area. The company is in “growth mode” with an aim at raising funds rapidly for growing out their business. They aim to have a chain of retail stores, with the Manhattan location being used as a test location for their concept.