The lowdown: Fashionistas, why pay retail with Consign of the Times in the mix? For the past 10 years, the Miami Beach-based consignment store is banking off the consignment biz.
Operations Manager Erika Tapia says of the seismic shift in consignment stores popping up, “There's no inventory cost. It's a no-brainer business and people are capitalizing on it. These days, everyone is cost conscious, companies and shoppers alike. The stores are successful because everyone loves high-end labels without the high price tag. Plus, there is something for everyone!”
The ‘hood: With locations in Miami Beach and South Miami, this business is what we call a twofer.
The ambience: Think dream closet. “Each store is meticulously organized and we pay attention to detail,” Tapia says of the merchandising.
Highlights: Scoop up rare couture such as a Louis Vuitton African Queen Clutch ($1,995), Chanel Black Classic Jumbo ($3,500), Hermès Picotin GM ($2,995), Chanel Pacific Palisades (featured in the Sex and The City movie on Samantha for $2,850), Louis Vuitton Motard Biker Bag ($3,595) and Louis Vuitton Stephen Sprouse Alma ($2,750).
The profit split? Consignors receive 45 percent and the store keeps 55 percent. Unsold merchandise is mostly returned back to the consignor. However, if the consignor asks to donate the items, the shop always donates to local charities such as Lotus House and Pet Rescue.
The operation manager says: “Without a doubt, we have the best merchandise. Our consignors know we get them the greatest return and have become their premier consignment shop. We know what our clientele want and maintain personal relationships with them. Our customers know where to get the good stuff at less than retail and right off Lincoln Road! It's a win-win,” Tapia adds.