A popular retail consignment service has announced plans to set up a new location in Phoenix, and may be doing so in either an existing or newly-built structure.
RealReal, Incorporated is based in San Francisco and sells everything from luxury clothing to jewelry and home décor, among other items.
Launched nearly a decade ago, the company has proven significantly successful, seeing revenues of more than $300 million and securing, in 2018, up to $288 million in venture capital funding.
As both an online and actual building presence, the premise of the company is simple: it lists luxury items for sale on a consignment basis, a premise successful enough for RealReal to open new locations in Los Angeles and New York.
Those locations vary in size between 6,000 and 12,000 square feet.
Last year the company also opened a nearly 500,000 square foot distribution center in New Jersey.
Now the company wants to set up an e-commerce center in Phoenix. In the process, RealReal has said it expects to hire just under 1,700 people in the next 5 years.
Members of the Phoenix City Council have given their unanimous approval to an incentives agreement. The company has not announced yet where it will locate its new Phoenix outlet.
By Garry Boulard
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