Business, Legal & Accounting Glossary
A Consignment shop is a specific type of shop, usually second-hand, that sells used goods on the behalf of the owners of the products.
“Consignment shop” is a US term for a specific type of shops, usually second-hand, that sell used goods for owners (consignors), typically at a lower cost than new goods.
In consignment shops, it is usually understood that the consignee (the seller) pays the consignor (the person who owns the item) a portion of the proceeds from the sale.
Payment is not made until and unless the item sells.
A Consignment shop is a retail store that specialises in consignment sales. Consignment shops provide customers with a place to display and sell their merchandise. The consignment shop decides what items to sell and at what price. After a sale has been completed, the consignment shop and the owner share the profits. If an item does not sell after a certain period of time, the owner has the ability to reacquire the merchandise from the consignment shop.
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This glossary post was last updated: 7th January, 2020