Fashion retailer Nordstrom gets it: Americans are becoming poorer, and it's time for it to capitalize on recommerce, otherwise known as reverse commerce, which basically means Nordstrom is going to sell secondhand clothing.
So, move over local consignment stores, and or Goodwill Industries, eBay, and The Salvation Army, there's a new player in town, Nordstrom, that will jump into the recommerce industry on Jan. 31.
Nordstrom's "See You Tomorrow" store will have a dedicated section at its New York flagship store, opens tomorrow, and will sell secondhand luxury clothes. There's also going to be a section on the company's website that will list a catalog of used clothing, the company said in press release, dated Jan. 30.
Nordstrom's closet recommerce competitor will be The RealReal, an online and brick-and-mortar marketplace for authenticated luxury consignment, as the industry for used clothing increased to $28 billion in 2019.
Olivia Kim, vice president of creative projects for the retailer, said many of the brands Nordstrom carries would be resold through its "See You Tomorrow" shop.
"We want to provide a unique and elevated resale shopping experience that encourages a sense of discovery and provides access to the brands our customers know and love, while giving them a convenient opportunity to participate in the circular fashion economy," Kim said
She said, "so many Americans are already engaged with recommerce, whether it's rental or retail."
She added that many of the items that will be carried at "See You Tomorrow" will be sourced from Nordstrom's inventory of returned and damaged merchandise.
Nordstrom has partnered with Yerdle, which already handles resale for Eileen Fisher, Patagonia, and other top brands.
Yerdle is expected to clean and repair Nordstrom products, along with handling, inventory, processing and fulfillment.
Nordstrom's resale items are expected to include "women's apparel, women's shoes, handbags, men's apparel, accessories and shoes, children's wear and a limited selection of jewelry and watches," the retailer said.
Nordstrom is diving into the recommerce industry at a time when consumers are broke, heavily leverage with auto debt, credit cards, and student debt, but for some odd reason, are feeling very optimistic about life.
However, when the next recession strikes, consumers, who are already bound with insurmountable debts, will not enjoy the luxuries of purchasing new luxury goods and will have to opt for secondhand clothing at their local "See You Tomorrow."