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Macy’s and J.C. Penney showed up to earnings season wearing the same logo tee. Both announced partnerships with online secondhand marketplace thredUP to introduce resale segments in stores this week.
ThredUP will open branded stores with its secondhand clothing and accessories in 40 Macy’s locations and 30 J.C. Penney stores starting this week. A key name in the $24 billion secondhand market, thredUP could help department stores survive the 21st century.
- J.C. Penney missed Q2 expectations in its Thursday earnings report, with quarterly revenue decreasing from $2.8 billion to $2.6 billion.
- Macy’s reported its Q2 profits fell 48% from last year on Wednesday.
Partners have helped J.C. Penney before. Its dedicated Sephora beauty counters have continued to drive sales even as its women’s fashion segment has stalled.
But matching retail outfits have pros and cons. ThredUP processes 30,000 used clothing donations per day, so there’s enough inventory to curate a unique off-price assortment for each store. It can’t, however, guarantee customers would rather shop vintage in department stores than online, where thredUP primarily operates.