Renting clothes could be the future of fashion -- or it could just be a fad.
But traditional retailers can no longer afford to wait on the sidelines to find out. That's why a growing number are now offering customers the option to rent clothes for a monthly fee instead of buying them. Bloomingdale's, Banana Republic and Urban Outfitters are the latest to offer the services. Even footwear chain Designer Brands says it's considering launching a rental service for shoes.
Now a booming $1 billion business, the clothing rental sector is expected to reach $2.5 billion by 2023, according to research firm GlobalData. When combined with resale, it will account for 13% of the total $360 billion U.S. clothing market within the decade, up from 7.3% today. . . . more