Online consignment retailer The RealReal has expanded its physical presence with a third location devoted to fine jewelry and watch appraisals, now open in Chicago.
The fine watch and jewelry valuation office allows consumers to bring their fine jewelry and watches in for a free appraisal prior to listing the items on The RealReal's website. Items are appraised by a team of graduate gemologists and watch experts, and users receive a valuation document stating the items' resale value.
People who consign jewelry and watches with The RealReal make up to two times more than selling their items through other channels, according to the company.
"What we're doing through our valuation concept is making fine jewelry and watch pricing more transparent and accessible to consumers, something that has been missing in the market until now," said Michael Groffenberger, senior director of fine jewelry and watches. "Chicago has always been a strong market for us and one with a very established jewelry and watch industry, so we're excited to bring this unique service to the luxury shoppers of Chicago."
The office is located on Michigan Avenue, Chicago's Magnificent Mile, surrounded by designer shops and high-end department stores.
The RealReal occupies a niche in consignment and online sellers markets devoted to luxury merchandise. Each piece is authenticated, including apparel and home goods. This is the company's third valuation office; the first two are in New York City and Los Angeles.
Online sellers are strategically expanding with brick-and-mortar locations, and like The RealReal are using physical space to boost online sales and customer acquisition.
-See this The RealReal press release
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