When you think of THRIFT stores, you probably imagine old ladies in the South with blue hair, polyester pants, and a Jesus fish on their bumper. But, what you might NOT know is that thrift shopping is having a moment again! It’s not just millennials who are embracing this vintage way of shopping. Looking past the “ugh” factor of used clothing and accessories can open up a new world of opportunity. For example… opening your thrift store! That’s right: You don’t have to search high and low for the perfect location, find investors and an architect, or hire staff and stock shelves with goods… Instead, all you need is about $20K and a love for secondhand clothing! Read on to learn more about opening a thrift shop like PurMarshals—and be sure to check out our interview with founder Chris Marshalls at the end of this blog post.
Are Marshalls A Thrift Store?
No, not at all. This is because Marshall’s stores are not categorized as thrift stores. Both Marshalls and TJ Maxx are owned by the same company, which is the TJX Companies. Marshall’s stores are more like warehouse retailers that sell excess inventory from TJ Maxx stores. So, if you’re looking for a bargain, you’ll find them at Marshall’s!
Why Now Is The Best Time To Open A Thrift Shop
- For the past 40 years, thrift shopping has been a taboo topic. It was considered “cheap” and “dirty”, and many people thought it would never go mainstream again. However, that is no longer the case! Thrifting has become so popular that there are over 1,500 thrift stores in the United States! That’s over one for every 10 residents in our country. And this is just the beginning; there will be 2 million more people in need of secondhand goods by 2020. If you think about it: A thrift store doesn’t have to be dirty or old to be successful… And with all of these people looking for secondhand goods, now is the perfect time to open your store!
- There are a few things to keep in mind when starting your thrift store. First, you need to decide if you want to get into retail or wholesale. Retail is where you sell goods that are used or new, and it’s the same way that most thrift shops operate. Wholesale is where you buy items that are new and sell them at a discount. For example, if I want to buy clothes for my store I can go to a wholesaler, pick out what I want, put it in my cart and pay for it all at once.
- Then I can take the items home and make them into my merchandise display (or “rack”) with either free-standing racks or wall racks! Next, you need to decide what kind of merchandise your store will have: clothes or accessories. If you plan on selling clothes (which is the most popular type of merchandise), then start with a store that has wholesale goods. I can then buy the clothes and give them to my thrift store at a discount.
- If you’re interested in retail, then you need to check out locations that have been abandoned, industrial areas, and secondhand shops. These are great places for your store because they can be easy to find and there is usually a lot of foot traffic. Most people don’t want their items picked up by the trash, so they will take them instead!
- If you’re interested in wholesale, then you should look at thrift stores as well, but also keep an eye out for places that don’t charge for rent or utilities. This is called “free space” and it’s a great way to get started with your business!
How To Open A Thrift Shop: The Basics
- If you decide to get into wholesale, figure out what size of space you need first. Because everything is so perishable (like flowers), a storage facility will cost more than a smaller space. If you have the budget then go with a larger space because it will provide more storage for your inventory! You can also rent an extra room at your house if you don’t have enough room for a warehouse or storage unit—but make sure that it is okay with your landlord first!
- Once you have decided what kind of store you want to open, it’s time to start looking for locations. There are many different kinds of thrift stores: A store that sells only women’s clothing; one that only sells children’s clothing; or one that sells both men’s and women’s clothing. It all depends on your preferences, but there are certain things you should keep in mind when looking for a location: The location should be close to major highways and public transportation routes so customers can easily get there.
- You also need to decide what kind of store you want to open. You can do a consignment store or a resale shop, or both! Consignment stores are where people sell their old clothes at a discounted price and they pay you to cash in hand. Resale shops are where you buy new clothes from the store owner and then sell them at a discounted price with some percentage of sales going back to the owner.
- Another thing to consider when deciding what type of store to open is how much money you want to invest in it. If you’re going for retail, expect to spend about $20K on everything from building out your space and buying a stock that won’t be used for very long like clothing, furniture, and decorations… To running
Other Costs & Things To Consider
- Then, when I’m ready to sell the clothes in my store, I can go back to the wholesaler and buy the same items for a discounted price. This is why you see thrift stores with so many items for sale; it all depends on what kind of business you want to run.
- The third thing to keep in mind is that you can sell anything! You don’t have to be limited by what kind of goods you have available or where they came from. For example, we recently sold a beautiful set of antique china on our website for $50! We also sell jewelry and clothing; everything from dresses to shoes! You can also get inspiration by visiting other thrift stores in your area; there are tons out there! If you see something that interests you, stop by PurMarshals and ask us if we can help you find it… or anything else you want, and then sell the items at retail prices. If I’m starting a wholesale shop, it’s easier to find a location that has a lot of foot traffic and is close to where people live. You’ll also need to look for a spot with enough space for your inventory.
- You should also consider opening up an e-commerce store. This would be perfect for people who want to sell their goods on digital platforms like eBay or Etsy, and it will allow you to expand your business in other ways as well. For example, You can build a mailing list, create social media accounts and accept payments online… So even if you don’t have enough room for your own storage space, you can still start making money from home!
- With the rise in popularity of thrift stores comes the rise in popularity of thrift shopping! People are looking for new ways to save money, and they are craving t they like and then selling it in my retail store. Wholesale is the more profitable option because you can make more money selling new items than you can sell used items. However, if you’re interested in retail, that’s fine too!
- You need to decide what kind of store you want to run. There are several different types of thrift stores: consignment shops, resale shops (like Marshalls), vintage clothing stores (like Marshalls), and thrift shops that sell just one type of product (like Marshalls). Whichever kind of store you choose will depend on what products you want to sell at your store.
- The store will need a location! This is where things get tricky. You will need to find a place that is clean and where you can easily set up your store. You’ll also have to be sure that the place you choose has enough room for what you want to sell. Remember, there are still plenty of people who prefer secondhand goods over new ones! So make sure that the space is large enough for all of your stock!
Final Words
If you love vintage clothing and accessories and have been dreaming of owning your thrift store, now is a perfect time. With thrift stores have been around for decades and growing in popularity, you’re sure to find success with this business model. However, you’ll need to plan before opening a thrift store. First, you’ll want to find a location, which may take some time, and then you’ll want to make sure you have enough funding to get your store up and running.
