The CEO of Retail Thefts is real.
What are shoppers buying this season? We had a record day for the company on Black Friday.
Overall, the business is up 50 percent. Buying a lot is a gift.
Buying a timepiece. They're buying something. They're buying high end handbags. They're buying a lot of tea. Good tea.
It's trendy for gift giving. I love looking for vintage and antique finds. But there is still something.
It's stigma about giving something second hand. Is that still the same? It has changed a bit a few years ago. We've always had. So I think so.
00:41that. Absolutely. You can always find things with tags on the site. So there you go. So those are us.
If they're pristine with tags, you better bet. It's a great value. There is.
There are more competitors in the resale market. I'm curious how the competition is playing out.
How you're trying to get new suppliers and impact supply.
A lot of competitors are at the low end of the market. There are no competitors that are direct with us.
Our focus on the luxury end combined with our service when we go to your home.
We are alone in our sector in the luxury market because we have toauthenticate for the customer.
When you think of this time and how busy people are, self posting is not going to happen. Our insiders are not.
Going to do the work. We do the work for them. People are very comfortable using our site. The stores in the real world.
The wave of retail crime is happening at a time when stores are normally filled.
happy holiday shoppers Your store in Mill Valley was boarded up.
This is a hard time for a lot of people. The toll of the Pandemic has been taken. How has this affected the real?
Employees. There are a couple of different things. I mean there. Retail is important to us, but not material.
It comes to our percent of GMV. 30 percent of our new supply comes from brick.
There are mortar stores. You can imagine how devastating a robbery is to the employees. We've been hit.
There was a mob robbery. It's a serious problem. It's a serious problem in California. It has happened to us in New.
The time is 02:29York. This is not a police problem. Criminals are not being prosecuted.
Property crimes or retail crimes. It is a serious problem. You can use the conversations you had with local officials. What are they?
There were conversations involved. A lot of people are saying that. The retail industry is getting hit. Well, you are.
Some people can't put a roof over their head. It's not about us being robbed.
It's about having this kind of activity in your own community. When you start thinking about mob robberies.
It's happening all across the U.S., but in California and New York it's different.
The restaurants are open. What does that do to make the streets safer? What does that do to the community?
It is a serious problem. If you don't hold anyone accountable for their personal property, it's serious.
Retail property crime creates anarchy. That's what's happening in the courts.
Do you do anything differently in the real world? I guess the threat of this happening. I mean their stores.
All across San Francisco. Stores are boarded up in both the Bay Area and Los Angeles. And was boarded.
We put in a lot stronger glass safe rooms. We feel like the local until then.
We need the police to respond to a retail crime. This isn't a police station.
By the way, issue by the way. The police can make arrests like they did with us in Palo Alto. They arrested people.
They were let go due to the court system after the robbery.
I don't let people go before they're booked if no one wants to arrest them.
We have a serious problem. I don't think it will get better. We start changing the way we treat.
Criminals. What does it mean for you? Three of them quit right away. We don't blame them. But we.
We need to create a safe environment. We have good relationships with our customers and can sign them.
There are people in our stores. They like that interaction. They are happy that they are back in the store.
They love helping people. It's not good for anyone. Let's talk about how you see the rest of it. We are playing out.
More shoppers started earlier this year. Did you see that? December is going to be a little soft. Do.
The holiday shopping season begins in November and ends in December.
We're just shopping every day so we won't stand out. We reported through the end of November.
Decreased from a year ago. We feel good. We're having this. The rest of the year is going to be good.
We have amazing supply on the site. We are delivered. Our sales are driven by the sale.
We have a lot of volume in the site. We add more than 10000 new things every day. As shoppers are.
The person responded. You mentioned that you have some kind of security. You're always working on new technologies and tactics.
The Louis Vuitton bag you're selling is a real Louis Tom bag. What is the latest technology for security?
Some people putting fake stuff on the market have up their sleeves. It has been.
It was interesting. We use a lot of machine learning and artificial intelligence until we are smarter and smarter. I know at one.
The industry is embracing block chain to be able to track things and they have tags in it. And in fact.
We got a bunch of items with fake tags. It's an ever changing problem for everyone.
We have to keep evolving our practices. You have had these brick and mortar stores open.
I will be at some of the challenges. How do you see the balance of the two companies? I am.
I know you've advocated for a long time. We need both. What will be the balance of both in the long run? We're.
I can tell you that the lifetime value of the consumer and buyer is determined by the retail experience they have.
More than online only. A lot of customers prefer to shop online. And.
More than 90 percent of our sales are online. Consumers love dropping off at the store.
We have to find the right balance. We're still opening stores and we're running, so I don't know if we know the M2 yet.
A store in a store in a store in a store in Miami is testing out.
To see how that goes. There are a lot of things happening right now.
