Buffalo Exchange
 | |
| Company type | privately owned |
|---|---|
| Industry | fashion resale retailer sell new & used clothing |
| Founded | 1974 |
| Headquarters | Tucson, Arizona |
Number of locations | 41 stores |
Area served | United States |
Buffalo Exchange is an American fashion resale retailer. Operating under a "buy, sell, trade" business model, it buys clothing and accessories from the public and resells them to the public. Buffalo Exchange targets a wide range of styles and ages with a mix of new and recycled clothing and accessories, including current trends, everyday staples, vintage, one-of-a-kind items, designer and more.[1] Though often considered a thrift store, rather than receiving donations, they hand-select and purchase the majority of their inventory from the local community. This makes for a more curated selection.[2]
Buffalo Exchange was established in 1974 in Tucson, Arizona by Kerstin Block and her husband, Spencer Block. It continues to be owned and operated by Kerstin's daughter, Rebecca Block,[3] and in the last 50 years has expanded to over 40 stores throughout the United States.
History
[edit]In 1974, Kerstin Block had an idea for a different sort of secondhand shop that would be clean, bright and curated and make secondhand clothing and accessories more accessible. Kerstin and her husband, Spencer, rented out a small 400 square foot spot in Tucson, AZ and pioneered the concept of buy-sell-trade for clothing, which was different from existing thrift and consignment models.[4] They handpicked each item based on what their customers were interested in buying, paid out on the spot and displayed everything in a fun, easy-to-shop space.
Originally from Sweden, Kerstin came to Tucson for a scholarship at the University of Arizona, where she met her husband Spencer. She chose the name “Buffalo” because it sounded very American to her.[5]
Within the first couple of years, they started expanding in Arizona and eventually opened a location in San Francisco. In the 1990s, the popularity of secondhand shopping grew and the husband-wife duo opened up 19 new locations across California, the Southwest and the Northwest.
The company is known for giving back to the community through initiatives like its annual Earth Day $1 Sale and its Tokens for Bags program.[6]
Buy-Sell-Trade Process
[edit]Buffalo Exchange buys from open to close every day, with no appointment required to sell. Sellers are required to bring a valid, government-issued ID like a Driver’s License or Passport or, if under 18, must bring an adult with a valid ID. For items they are able to buy, they pay out 50% of their selling price in store trade or 25% in cash on-the-spot. Sellers can take any mix of trade and cash. The company notes that they buy the best of all seasons, year-round, and make selections based on current inventory needs.[7]
Impact and Earned Recognition
[edit]Buffalo Exchange has proven itself as a valued brand in the retail fashion field. Widely recognized for its sustainable prices, the brand goes above and beyond to represent an eclectic selection of clothing and accessories while driving home a priority towards customer service. Buffalo Exchange has branded themselves to be "not your average thrift store".[8]
Starting from its foundation, Kerstin Block founded the store to make it different from the other secondhand shops. Block followed her love for thrifting and never expected the store to grow such a presence. The idea of the store came forward as Block would wonder constantly of the other people who are "equally addicted" to thrift store shopping but did not want to go through so many racks. This would build her original business model of a resale shop where customers could purchase hand-picked gems under one roof and also sell clothes for trade or cash. Resale at the time was not very popular but Block knew there would be people out there wanting to find unique pieces for a great deal.[9] This initiative is what prompts them to continuously involve a community to encourage sustainable fashion and change the perception of secondhand shopping. [10]
The couple started the resale shop not knowing much about the business behind fashion, but this by no means stopped them. The "little boutique" would soon grow as it was built on values. These values include a form of golden rule for "respecting people and treating everybody fairly and listening to people" as Block herself has said. Much of the shops success is due to customer loyalty. Honesty and humanistic approaches to both business structure and customer service is what brought the people in to shop and bring clothing in. The brand celebrates individuality and unique expression.[11]
References
[edit]- ^ "How To Sell". Buffalo Exchange. Retrieved 2022-10-11.
- ^ Business, Vanessa Barchfield, Special to Inside Tucson (13 April 2018). "Buffalo Exchange". Inside Tucson Business. Retrieved 2022-10-11.
{{cite web}}:|last=has generic name (help)CS1 maint: multiple names: authors list (link) - ^ "The mother-daughter duo behind the thrift store Buffalo Exchange explains how they built a $103 million company from used clothes". Business Insider.
- ^ Business, Vanessa Barchfield, Special to Inside Tucson (13 April 2018). "Buffalo Exchange". Inside Tucson Business. Retrieved 2022-10-11.
{{cite web}}:|last=has generic name (help)CS1 maint: multiple names: authors list (link) - ^ Tucson, Johanna Willett | This Is (3 March 2019). "Badass businesswoman Kerstin Block pioneered resale fashion with Buffalo Exchange". This is Tucson. Retrieved 2022-10-11.
- ^ "Giving Back". Buffalo Exchange. Retrieved 2022-10-11.
- ^ "How To Sell". Buffalo Exchange. Retrieved 2022-10-11.
- ^ "Not Your Average Thrift Store". 15 January 2024.
- ^ "Not Your Average Thrift Store". 15 January 2024.
- ^ "The mother-daughter duo behind the thrift store Buffalo Exchange explains how they built a $103 million company from used clothes". Business Insider.
- ^ "Not Your Average Thrift Store". 15 January 2024.
- Bahr, Emilie (July 7, 2008). "Secondhand Savings. Lean economy sends more consumers to resale shops". New Orleans CityBusiness. Archived from the original on June 19, 2009. Retrieved July 29, 2008.
- Fink, Mara (July 26, 2008). "Savvy consumers help themselves to seconds at consignment stores". The Pioneer Press. Retrieved July 29, 2008.
External links
[edit]- Buffalo Exchange Official site.
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