`Bear marketers' bullish on consignment business
Owners of Bears Repeating, a new baby and children's clothing consignment store, believe they have only scratched the surface of a largely untouched market in "almost new'' merchandise.
Lorene and Richard Gibson said response to the business, located in the former Bank of Butterfield real estate offices at Collector's Hill, has so far been excellent.
Since Bears Repeating opened three weeks ago, about 70 people have brought items in to be sold on consignment, Mrs. Gibson said.
"Considering this hasn't been done in Bermuda, people have been very receptive. It's a variation on the yard sale,'' she said.
There have been and are other consignment stores operating in Bermuda, but Bears Repeating concentrates exclusively on baby and children's items.
"We only take clothing in very good condition that has no tearing or stains,'' Mrs. Gibbons said. "The same applies for the equipment. Many of the clothes still have the tags on them.'' Clothing sizes range from newborn to children's size 14.
As well as clothing, the store's shelves are filled with baby and children's toys and books as well as collectible stuffed bears. Cradles, playpens, strollers and gifts are also sold on consignment.
Buyers can expect to pay less than half price for almost new items, Mrs.
Gibson said.
Once an item sells, Bears Repeating and the consignee split the proceeds evenly. For bigger items, like cribs and strollers, the business will receive 40 percent of the selling price.
"We will try to bring in a new line of clothing and possibly a maternity line as well,'' Mrs. Gibson said.
But the focus of the store will remain consignment items, she added.
Handicrafters and knitters have also been invited to sell some items at the store.
The business, which has 1,500 square feet of floor space, also offers a "wish list'' to prospective buyers.
People looking for certain items can contact Bears Repeating and once it comes in, the prospective buyers are contacted.
Items unsold after about four months will be either returned to the owner and may later make their way to other organisations like the Salvation Army or The Barn. Prior to that, items will be discounted.
To track the items, owners are using a computer software programme designed for consignment businesses.
Originally from Cape May, New Jersey, Mrs. Gibson said the idea came to her while she was visiting similar stores in the US.
BEARING UP -- Co-owner of the new baby and children's clothing consignment store Lorene Gibson, pictured with her children Spencer and Julia.