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Aug 8, 2008 5:41 pm US/Eastern
MoneySaver Report: Consignment Shops Save You Cash
NEW YORK (CBS) ―
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For anyone who has ever coveted a designer label, looked for a bargain, or needed some quick cash, one way to save big and stay stylish is by shopping at consignment stores.
WBZ
For anyone who has ever coveted a designer label, looked for a bargain, or needed some quick cash, this MoneySaver report is for you.
One way to save big and stay stylish is by shopping at consignment stores.
The designer names in downtown boutiques are selling at a fraction of their original prices at consignment shops.
Merchandise may be a season or two old, slightly used, and you may not find that Burberry in your size. But if you're in the market for brand name bargains, consignment shops are the places to go.
"These are new for fall, these are Tory from her fall collection and these are $190," Khadijah Keston, co-owner of Ina Boutique, said. "They retail for about three-and-a-quarter, great deal, but there's lots of deals to be made here. We sell everything from $20 t-shirts to pocketbooks for a few thousand."
That might sound like a lot to spend on a bag, but Keston disagrees.
"It's still a bargain compared to the original retail price, so people are willing to dish out the money," Keston said.
And consignment shops have something for those looking to make some money as well.
If you own current designer merchandise in good condition, consigning can be stylishly profitable.
"I got a check once, I was going out of town and the check was for $450," consignor Squirelly Millhorn said. "I was going to the Caribbean, and I was like, 'O.K., that paid for my flight.'"
Businesses like Ina have seen explosive growth over the past year, but there are businesses that have been successful for decades based on a steady stream of designer goods.
Michael's has been a fixture on the Upper East Side for 54 years.
"This is a family-run consignment business, stocking a carefully edited selection of top labels," Lauren Fluhr, president of Michael's Consignment Shop, said. "We do turn away twice as much as we take."
"I think the whole idea of selling things has become mainstream thanks to eBay, thanks to people like myself who try to make it as upscale as possible and professionally run as possible," Fluhr said.
If you are thinking of consigning, you can generally expect a 50/50 split of the selling price, though it can vary from store to store.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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