Macy’s, JCPenney partner with world’s largest thrift store

ThredUP, the world’s largest fashion resale platform, inked deals with JCPenney and Macy’s. Both retailers plan to carry secondhand items from thredUP in a number of their brick-and-mortar locations.

Continue Reading Below

“We’ve been talking to a number of retailers over time and I give JCPenneys and Macy’s a lot of credit, I think they’re thinking about the young customer, they’re thinking about millennials and Gen Zers,” thredUP CEO James Reinhart told the FOX Business Network’s ‘Varney & Co.’

According to Reinhart, the company has streamlined the process online for sellers and buyers of vintage clothing.

“We’re a marketplace for second-hand clothing. We make it easy for people to clean out their closets,” and on the other side, Reinhart said, “If you are a shopper you shop online like you were shopping at any online site.”

Despite warns of a retail apocalypse for brick-and-mortar retail, Reinhart was optimistic about the importance of retail having a physical presence.

“Retailers are struggling a bit but let’s not forget that 85 percent of apparel today is still bought in stores,” Reinhart said.

According to Reinhart, the interest in fashion with a vintage or distressed look will always be in vogue.

“I think it’s not a trend going away….I think increasingly people want unique items.”

Reinhart then predicted that with the expanding options for consumers their closets will look very different in the future.

CLICK HERE TO READ MORE ON FOX BUSINESS

“I think they’re going to mix and match from new stuff and used stuff and they’re going to rent stuff and I think the closet of the future is going to look very different from the closet of today.”