UK 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.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Consignment Shop are sourced/syndicated and enhanced from:
This glossary post was last updated: 11th December 2019.