Resale will be a $64B industry by 2024, making now the time to invest in an Uptown Cheapskate resale clothing franchise
Secondhand clothing is more popular than ever — even in a pandemic. According to a new report by ThredUp and GlobalData Retail, not only did resale grow 25 times faster than retail in 2019, but also the global resale market is forecast to reach $64 billion by 2024.
Honestly, it shouldn’t come as a surprise that resale clothing is taking over closets. In fact, the survey found that interest in the booming industry will only get bigger as shoppers surveyed not only consider used items a better deal in a recession, but also said they’d spend 44% more on secondhand items in the next 12 months than they did in the past year. Moreover, the survey found that those same conditions are turning scavengers into entrepreneurs as two out of three surveyed are now open to reselling their clothes for extra cash.
Entrepreneurs seeking the perfect resale clothing business to capitalize on this trend should look no further than Uptown Cheapskate, the premier upscale resale clothing franchise in the nation. With more than 75 locations throughout the country, Uptown Cheapskate offers a sustainable shopping experience that helps young professionals save money on fashionable clothing and helps to save the environment at the same time.
“Honestly, we are shocked about how well we have rebounded because it has exceeded our expectations,” says Craig Smith, CFO of Uptown Cheapskate. “However, we’re right on course with reports about the industry and its recovery, which stated the results are unexpectedly promising. I think this pandemic has shined a light on our stores because in a bad economy both Uptown Cheapskate and Kid to Kid are needed. Having the opportunity to sell your clothing and make money, as well as shop for great clothes at a great price is very attractive to people during trying times. Additionally, the resale industry was already on a fast track upward — this pandemic will only accelerate that. And our brands are in a position to be of great service to all of the communities we serve.”
How Will Uptown Cheapskate Support You In Your Business?
When you join the Uptown Cheapskate family, you’re joining a franchise dedicated to helping entrepreneurs thrive in a business that makes a real difference in their communities. Unlike other resale clothing franchises, we pride ourselves on operating stores that don’t feel cheap. At Uptown Cheapskate, we offer an upscale resale experience that empowers our customers to save money on fashionable items as well as a customer experience that is second-to-none in the booming resale clothing industry.
Although we have an upscale approach to the resale clothing experience, Uptown Cheapskate is still an affordable franchise opportunity in the retail industry. The total investment to open a new Uptown Cheapskate ranges from $301,579 to $491,579 and you may need as little as 10% of liquid assets to qualify for SBA financing. From the moment you sign your franchise agreement, you will never be alone in business. Our exceptional operational team will be by your side every step of the way to ensure you have all of the necessary resources to succeed in business starting from funding to store buildout, grand opening, initial training, marketing and more.
“What you measure improves,” says Scott Sloan, CEO of Uptown Cheapskate. “We’ve found that as we’ve shared financial performance information, performance improves, as we’re able to see where the holes are and patch them up immediately. This means that our franchisees aren’t waiting for help, we are proactive in helping. We also help our franchisees learn more about their business on an ongoing basis, including national and regional training sessions. A rising tide lifts all boats, and this philosophy has been tremendous for us.”