Appraiser Alvah Beander sent me an article by Annie Gowan of the Washington Post on consignment shops in the DC area. Gowan recently ran an article on the increased business seen by area consignment shops. As the economy slows and more people become unemployed the consignment shop is a source for both selling and buying. Some of the consignment stores have had to put a limit on the number of consignments they are taking, as sales do not always keep pace, and space is limited.
Appraiser need to keep in mind, depending upon the merchandise, consignment shops can be excellent sources for comps.
Gown states At some local consignment stores, sales figures have jumped 20 percent in recent months, while others have reported breaking even or recording a slight drop in sales. Most have had a sharp uptick in the number of people hoping to consign items, numbers that began growing in September and have kept rising as the economy continues to slide.
Gown continues At the Opportunity Shop, customers are buying a lot more serving pieces and glassware because many are entertaining more at home, York said. On a recent day, the store was full of women with designer handbags perusing the shop's cases of china, Lalique crystal and Waterford crystal as classical music burbled in the background. Consignment manager Ann LeNoir showed off a "charming" antique silver biscuit warmer priced at $600 that she did not expect to be in the store long.
To read the full Washington Post article click HERE.
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