The New Jersey-based museum publicist spends US$277 a month on three subscriptions, including one from New York & Company, a women's mid-price clothing chain with hundreds of US stores.This is less than what she previously spent, she said. "I still have clothes in my closet from when I was buying, but I can't tell you the last time I bought anything," she said.
Fees roughly range from US$50 to US$160 per month to rent several items, with an option to buy at a discount. While most services are online, some stores are creating space for people to drop off, browse or collect clothing available for lease. In addition, physical stores are struggling with online competition from players like Amazon. Year-to-date announced store closures have already exceeded the total recorded for 2018, said Coresight Research in a recent note.
Contrary to analysts' concerns that rental could cannibalize sales, offering rental captures more revenue as consumers buy clothes in addition to their subscription, said CaaStle Chief Executive Officer Christine Hunsicker in an interview.
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