As the coronavirus continues to devastate the U.S. economy, retailers are declaring bankruptcy at an alarming rate. Neiman Marcus, J.Crew, JCPenney, Pier 1 Imports, Tuesday Morning, Lucky Brand, and Brooks Brothers are just some of the latest casualties. As a small business owner, I am very concerned about the state of our economy, and I think often about the future of my antique booth business. Because I am not the type of person to simply wait and see what happens, (that’s the Type A in me) I have been doing lots of research.
After scouring the internet and my university’s online library, I am feeling very optimistic. If you’re placing a bet, then an antique booth business is practically a “sure thing.” Our future is so bright, we’ve got to wear shades! (Don’t worry if you don’t get that last song reference, here’s a link.) So, if you have an antique booth business, or you have been looking into the idea of starting one, you are going to want to read on.
If you’re placing a bet, then an antique booth business is practically a “sure thing”
While the future outlook of the antique booth business remains strong, we have by no means been spared from the economic impacts of the pandemic. Rather than throwing statistics at you, I want to simply share my personal experience. I have twelve antique booths in an antique mall. Yes, you read that right—twelve. From March 23 - May 8, my antique mall was closed. Even since the reopening of the mall, customers have been hesitant to leave their homes to go shopping—and unsurprisingly so, since COVID-19 cases have continued to spike and surge throughout our local communities.
As we all expected, fewer customers has meant decreased sales. And, in addition to less sales, I have had less new inventory for my customers. I haven’t been to a yard sale, estate sale, auction or thrift store in five months (I miss them SO much!!)
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Additionally, I am voluntarily self-quarantining because I take care of my mother, who is in remission from her battle with cancer last year, so my booths have not gotten any attention. I can only imagine the state of disarray I will find in my booths upon my return to the antique mall, and I know it has cost me sales.
But I haven’t been completely non-productive while hunkering down at home. In fact, I have been using my time to research, learn, read, and write (Shameless plug alert, you can read all of my latest blog posts at AntiqueStartup.com/blog). I have been very busy!
Although there have been financial challenges to my business, I have confidence that these struggles are only temporary. When this is all over, I am confident that the antique booth business will emerge stronger and better than ever before! Here are some of the reasons why I see a bright, thriving future:
1. Antique and vintage merchandise has a strong footing in today’s market
Even while most retailers are down in sales and profit, resale stores have continued to report promising increases. One of the top marketing research companies, IBIS World, reported in 2020 that used merchandise sales in the U.S. totaled more than $21 billion. They project that the used goods industry will continue to grow as consumers shop for unique items not offered by traditional department stores. Antique booths offer original and rare items that consumers can’t go find anywhere else!
The used goods industry will continue to grow as consumers shop for unique items not offered by traditional department stores
2. Online shopping will never fully replace the in-person shopping experience
Many of us have been doing the majority of our shopping online lately. Every week, I have several packages on my doorstep, and I have to admit that I personally love the ease and convenience with which I can get socks and underwear these days. I also must admit that I am sick of online-only shopping, and I am looking forward to going to a real store!
As an antique and vintage dealer, I am not worried that the online market will replace or compete with my sales and profit. There is plenty of evidence out there that antique malls are not going away. Statistics show that people still want to hold products in their hands, touch them, or try them on. People are itching to go shopping!
With certain types of products, like the products that we sell in antique malls, an in-person shopping experience is preferred to the online alternative. Fine china, glassware, delicate ephemera, heavy furniture or machinery, paintings—these are just a few examples of items that people choose to purchase in-person, as opposed to online where hefty shipping costs could be incurred as well as potential for items to be damaged or lost in transit.
3. Antique shopping is an experience within itself
People go to antique malls for a variety of reasons. Some say a visit to the antique mall feels like taking a trip down memory lane. Collectors say they love the thrill of the hunt, and the satisfaction of finding something they’ve been searching for. Others tell me they enjoy going with their friends, or even with a date. Senior centers bring their residents for their weekly outing. Antique malls are a great place to connect with others, to explore, learn about history, and find treasures.
Some say a visit to the antique mall feels like taking a trip down memory lane
Lately, I have been doing a lot of reflecting and remembering “the good old days.” While in quarantine, I have broken out the old photo albums and home videos several times. All I want to do now is go to an antique mall and find some of my favorite childhood toys, books, and nostalgia! I know that I am not alone! Someday soon, we will all be out antiquing again.
4. Cabin fever is real
Sometimes I feel like I will go crazy if I don’t get out of the house! (Does anybody out there feel the same way?) I want to walk around an antique mall and see the beautiful visual displays. I want to experience all of the sights and sounds of the world outside of these four walls. And, I will never again take that for granted. Antique malls, I am coming for you! And, I’m bringing friends!
5. People are ready to redecorate their homes
We have all been stuck inside, staring at our walls for SO long! (Mine are definitely ready for a new painting or two!) Many people, just like me, are ready to redecorate. (You have been thinking about it, too, haven’t you?) And, we all want quality goods at affordable prices.
Antique malls have always been a great source for a wide selection of quality home décor pieces
Antique malls have always been a great source for a wide selection of quality home décor pieces. Furniture, wall art, sculptures, lighting—you name it, odds are you can find it in an antique mall. As long as antique booth dealers continue to supply customers with the items that they desire, we will remain relevant in any economic market.
6. Creators have been born in this pandemic
…and I am not talking about a baby boom. Although, that is also a probability! My social media feeds are full of friends of mine who have been creating while in quarantine—some for the very first time, and others who have picked up a skill that they previously knew and loved. Sewing (there has been lots of mask-making going on), crafting, woodworking, painting, and on and on and on. I predict that when this whole thing ends (and, it will end), people will look for ways to earn a living by creating. I want to tell all of those people that the antique booth business is a PERFECT way to do that!
People will look for ways to earn a living by creating
7. Employees are ready to quit their bosses and start their own businesses
The idea of “being our own boss” has become even more enticing in the midst of a pandemic. Now, more than ever, people want more control over their schedules, salaries, and work environment. They want the freedom to be able to stay home when they or their loved ones are ill. They want to make their own decisions, set their own goals, and plan their own strategies. I can tell you from my personal experience—a corporate retail leader turned antique booth dealer—I am the best boss that I have ever had!
So if you have been thinking about starting an antique booth business, don't be scared off by the current state of the world. There is boundless pent up demand for shopping in antique booths and the future is bright for the businesses that we can build together.
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