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Featured Advisor



Ed Meek
CEO/Investment Advisor

Edge Portfolio Management

City:Winfield

State: IL



BIOGRAPHY:
At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Resale Shops Thrive in Economic Downturn

Economic Darwinism: Resale shops are ideally adapted to survive hard times

Resale shops not only survive a slow economy, they grow and thrive, making them one of the few sectors of the retail industry to flourish in a recession.

Resale shops out-compete traditional retailers on two fronts, says the Association of Resale Professionals. Customers are attracted to resale shops because of the value they find there – quality merchandise at a fraction of the original cost. Other consumers respond to the financial incentives of selling, consigning or donating unwanted items.

A new demographic of both suppliers and customers arises during difficult economic times, the association said. Net sales increased 12.7 percent at resale shops in 2009, compared to a 7.3 percent decrease for traditional retailers, the association reports in it 2010 Operating Survey. Resale shop owners also reported increased inventory coming into their store and more customers coming into their stores.

“Consumers can maintain the high standard of living they have become accustomed to on a fraction of what they used to spend, and they can also sell items they aren’t using and get cash or store credit to use on items they want and need,” said Tracy True Dismukes, who owns Collage Designer Consignment in Birmingham, AL. She noted that a renewed emphasis on recycling and going green is also helping business.

Increased consumer commitment to resale has resulted in new shops being opened throughout the country at a rate of about 7 percent a year, a higher than normal growth rate that the association expects to continue this year. Growth comes from established “resalers” who are expanding, charities looking for new sources of revenue and unemployed individuals looking for new ways to make a living. The fastest growing segments of the resale industry specialize in teen clothing and furniture.

“Many factors contribute to the popularity of resale during both strong and unsettled economic climates,” said Adele Meyer, executive director of the association. “Increased awareness of recycling, the quest for higher quality for less money, the lure of finding something distinctive, the ‘thrill of the hunt’ and the excitement of a good buy are just a few things that allure the savvy shopper. One of the foremost reasons that resale thrives in a slow economy is simple – people love a bargain!”

Millionaire investors say a great deal of their financial success is due to being thrifty. More than 80 percent of investors with $1 million to $5 million identified frugality as a key factor in building wealth, according to our December 2010 survey.