'It exploded right away for us': Longtime consignment shop owners sell the business
Opening a business in the middle of the Great Recession may not have seemed like the best idea but a pair of stay at home moms with young kids had a plan.
“We did a lot of research and consignment was recession proof,” said Tricia Regan, who with Erin Heard opened ReNew Family Consignment in a Libertyville strip center in August 2009. “In times of economic trouble, the store actually does better.”
It was obvious from the start the pair made the right choice. Within two years, the business at 1750 N. Milwaukee Ave., near Route 137 expanded into the unit next door when it became available.
“It exploded right away for us,” Regan said.
Over the ensuing years, even through the pandemic, ReNew survived and thrived and now has more than 5,500 consignors. One of them is Tracy DeLisle, who with husband, Tim, are now in charge as ReNew transitions to new ownership.
Tracy, a customer and consignor since 2011, has a 30-year business background, most recently as vice-president of sales for the beauty company brand Beautycounter. Now retired, this will be her sole endeavor.
“The first rule in business is you don't buy a thriving business and change a thing,” she said. There likely will be new ideas coming but for the foreseeable future customers can expect the status quo, she added.
She was joined at the shop Thursday by Regan and Heard in a special introduction/farewell event for customers. Regan and Heard will be available to assist for awhile and may even fill in as employees from time to time if needed.
By 2009, Regan and Heard, a software developer and fifth grade teacher, respectively, had been stay-at-home moms for 10 years.
“We were restless and wanted to get back to work,” Heard said.
They researched various possibilities and thought a consignment shop would be a good choice for a modest investment. Items are offered at a discount to customers. The consignor, in this case, gets 40% of the proceeds and the shop owner keeps the rest.
There are seasonal items but the bread and butter are hand bags (the top seller), home decor, jewelry and furniture in a mix of new and nearly new.
“We're super picky on what we take coming in,” Regan said. About 40% of items are rejected and about 95% of those accepted are sold, she added.
That made for good business with customers from several neighboring towns.
Green Oaks resident Haidee Smith has been visiting since the beginning.
“I was curious, came over and I loved it,” she said. “Every time I needed something I came here and I found it.”
The former owners estimate ReNew has returned millions of dollars back into the local economy, diverted thousands of pounds of consumer goods out of landfills and employed many who have become like family.
Regan and Heard each have three children who all worked at ReNew at one time or another. Being empty-nesters and with the lease coming up for renewal, they decided to retire and pursue other interests.
“I'm excited for Tracy,” Heard said. “She's just so enthusiastic and loves this store.”