Consumer Watch: Sneaker resale could make you money
OKLAHOMA CITY (KOKH) —
The sneaker resale industry is valued at one-billion dollars according to Business Insider. There is already an established industry on the coasts and some more densely populated cities, but it is making itself known in the Oklahoma City Metro. Sneaker fans call this kind of shoe re-sale an investment. It can be high risk because you need to be familiar with trends which are ever changing, but it can also be high reward, that could result in a profit of hundreds of dollars per-pair.
There are a handful of stores in the Oklahoma City Metro for local hype beasts, sneakerheads, and basically fans of streetwear culture.
Fox 25 Consumer Watch talked to three that are carving out a space for themselves.
In Midtown, there is The Laboratory, a high-end sneaker resale and consignment shop. Social media manager Jimi Smith says that sneaker resale had thrived online, but now that local stores are carrying these products, more people are becoming fans locally.
“Now that they can actually, physically see it, the textures, the quality of the products, I think it is transitioning a lot of people into exploring different ideas,” says Smith.
In Edmond, there is Selections OKC. The shop recently moved to a new location to get more face time with the target audience, which is prominently young adults and teens, as the OKC metro industry develops.
“It is growing. It is pretty small compared to other cities, like, I am form Washington D.C., and stores like this existed 10- 15 years ago,” says Damonne Nickens, Selections OKC, owner.
In Oklahoma City, Kicklahoma once focused on events where sellers would travel to OKC to sell their rare finds. The events are still happening, but now Kicklahoma has opened a store at Penn Square Mall. Where clients range from adults looking to get a shoe from their childhood that had a limited release, to younger clients looking to learn the game in addition to shopping.
“It is a good hobby. They can learn different business aspects of it. You know, is the value going to go up on something if I buy it and try to move it later? Is the value going to decrease? So, with our brand it is something that you can use to stay out of trouble and learn business skills at the same time,” says Juan Guerra, Kicklahoma, founder and owner.
Limited edition shoes that are hard or impossible to find in stores, will always be popular. Right now, Jordan’s continue to be a favorite, especially in the metro with Russell Westbrook as the face of the Nike franchise. Also, on the list are Yeezy sneakers. The shoes, designed by rapper Kanye West, have a distinct look and major following. It depends on the kind, but older versions were a limited supply and can resell for thousands, while newer versions that are more available can still sell for several hundred dollars.
In addition to sneakers, street wear culture includes popular clothing brands like Supreme. Streetwear clothing, especially if it is only available in limited areas without wide distribution, can also resell for more than you spent.