Resale and thrift stores are booming as metro Detroiters tighten the belt and watch their wallets in these dicey economic times.
Excerpt:
Resale is one of the fastest-growing segments of retail, with a growth rate of 5 percent a year during each of the past three years, according to the St. Clair Shores-based National Association of Resale & Thrift Shops. Resale is a multibillion dollar business -- exact sales figures are not available -- with more than 25,000 resale, consignment and thrift shops in the United States.
In a national survey of association members, including those in Michigan, 62.5 percent said sales have increased by an average 30 percent this year. Some 85.8 percent said their stores were seeing new customers.
Demand is growing at many Metro Detroit thrift shops, including those operated by the Grace Centers for Hope. Sales in the past year are up 10 percent to 20 percent, and the stores slashed prices on everything by 50 percent to help struggling customers.
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