Lifestyle

Retailers try clothing rental, but will it be a good fit?

In this Monday, Nov. 25, 2019 photo, Vara Pikor poses for a picture in front of a “Rent The Runway” store before returning some items in New York. Pikor is wearing some of the items she rents from the company, including her dress and earrings. Now a booming $1 billion business, the clothing rental sector is expected to reach $2.5 billion by 2023, says research firm GlobalData. But for traditional retailers, the economics of renting affordable clothing pose significant challenges.  (AP Photo/Seth Wenig) NYSW106 NYSW106

Now a booming $1 billion business, the clothing rental sector is expected to reach $2.5 billion by 2023, according to research firm GlobalData. When combined with resale, it will account for 13% of the total $360 billion U.S. clothing market within the decade, up from 7.3% today.  VIEW

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