Opening a Thrift Store!

[rogercbryan]

Opening a Thrift Store!

Well I’ve decided to take my bookstore to the next level and turn it into a full retail thrift store. I never imagined that I would generate so much foot traffic. My warehouse is located in between an auto auction and a restaurant and people love our 3 for $1 books.

I work as a sales consultant for the auto auction and two years ago I landed them an account with the Washington, DC Bus Service (DC-METRO). This account brings in 5+ truck loads a month of surplus and abandoned goods. Things like bikes, computers, and cell phones that people leave on the bus or the train. We also get all of their industrial equipment (snow blowers, floor cleaners, tire machines) as well as all their old computers as they come out of service. The auction has not done the best job trying to sell this stuff at the auction because many require a certain type of buyer.

I think between the 30,000 books I process a week in combination with the good I can get from the above bus company that I will have a decent supply to start the store. I already have the warehouse space (it just needs a little build out ~ $10K) and I’ve already got the foot traffic. I would use Craigslist to advertise locally to sell items and to generate more foot traffic. I would continue to use Amazon and eBay to sell items to a larger audience.

To me it seems like a great idea. I was watching Donnie Deutsch a few weeks ago when he had Jim Cramer on and they both said that the second hand goods business is one of the best businesses to be in during a recession. I have the money for the build out and I have the supply and the staff.

Has anyone on here ever opened a retail thrift store before? I have no business plan written for this but it seems like it fits so well into what I’m already doing that it is a no brainer to take it to the next level.

Comments… Concerns?

[DebtFreeMe]

Man, if you already have a good supply of used items available, I think this is really a no brainer. Go for it, with people living in the idea that the economy is falling appart the second hand business is a great idea as long as you can get quality items coming in, and not just becoming a junk yard.

Good luck, sounds great man.

[nate89]

Yeah, this one is a no brainer...you have some huge amount of traffic through with 30,000 book selling each week. Put the traffic to good use and filter them through the rest of these products you have access to.

[rogercbryan]

Yeah, this one is a no brainer...you have some huge amount of traffic through with 30,000 book selling each week. Put the traffic to good use and filter them through the rest of these products you have access to.

Just to be clear... I'm taking in about 30,000 books a week of which 3000-4500 will make it online... its a 10-15% thing on inventory.

[Mega B]

Roger i think because you have thoroughly done your homework on this one it will be a massive winner.Good luck to you mate.

[RLorenzen]

Sounds like a great idea, Roger. Are you buying the inventory from the auction company...or giving them a slice of the profits...or are you getting it free?

[rogercbryan]

Sounds like a great idea, Roger. Are you buying the inventory from the auction company...or giving them a slice of the profits...or are you getting it free?

The items are given to the auction on consignment so they charge the seller a % fee and then they charge the buyer a buy fee.... we are going to split all fees 50/50