Define: Consignment Shop

UK Accounting Glossary

Definition: Consignment Shop


Quick Summary of Consignment Shop


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.



What is the dictionary definition of Consignment Shop?

Dictionary Definition


“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.


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Full Definition of Consignment Shop


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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Synonyms For Consignment Shop


thrift shop, op shop, charity shop, thrift store, second-hand shop


Cite Term


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Page URL
https://payrollheaven.com/define/consignment-shop/
Modern Language Association (MLA):
Consignment Shop. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 21, 2020 https://payrollheaven.com/define/consignment-shop/.
Chicago Manual of Style (CMS):
Consignment Shop. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/consignment-shop/ (accessed: February 21, 2020).
American Psychological Association (APA):
Consignment Shop. PayrollHeaven.com. Retrieved February 21, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/consignment-shop/

Definition Sources


Definitions for Consignment Shop are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 11th December 2019.