The RealReal is eyeing the Midwest as its next frontier as it looks to take over an even larger segment of the rapidly growing $26 billion global luxury resale market.
The company opened its first physical retail space in Chicago on Friday, part of a strategic push to capture more of the rapidly expanding high-end resale market in the Midwest. Located on Chicago’s Michigan Avenue, the heart of the city’s shopping district, the new store is The RealReal’s fourth brick-and-mortar venture, along with locations in New York City, San Francisco, and Los Angeles.
“Brick and mortar is an important part of the business for us,” Dan Ocampo, The RealReal’s head of retail and expert operations, told Business Insider. “We understand how it really brings our brand to life when consignment could be a little tricky for most. It’s hard to envision what luxury consignment looks like.”Business Insider