There’s no longer a need to splurge on designer and everyday clothing and have it sit in your closet when you’re no longer in love with it. You can send it back and get something new without paying more!
Several big retailers are changing with consumer habits and offering their clothes for rent. Banana Republic is the latest to offer a rental option and we couldn’t be happier!
Shoppers who want Banana Republic’s apparel can pay $85 a month for a “Style Passport,” a subscription that includes renting three pieces at a time. You can choose from around 100 styles a month.
The service will officially launch in September.
Getty Images | Cate Gillon
Banana Republic has been around for 40 years and is banking on consumers loving the new rental option. The retailer has closed several stores because we’re all shopping from the comforts of our cell phones and other devices these days.
The Style Passport should make finding new looks easy-breezy.
Banana Republic isn’t the only retailer wearing a “rent me” sign right now. Bloomingdale’s will also launch “My List” in September, which offers customers four pieces for $149 a month. Like the Banana Republic rental subscription, customers may opt to buy the pieces they rent.
Bloomingdale’s subscription price includes the cleaning and shipping cost.
Other retailers joining the rental bandwagon include Urban Outfitters through Nuuly, Ann Taylor through Infinite Style by Ann Taylor, and American Eagle through its Style Drop service.
Getty Images | Dan Dennison
Why are all these retailers suddenly interested in renting away their clothing? Money, of course! Rent the Runway and Le Tote have shown them what’s up.
According to CNN, Rent The Runway isvalued at $1 billion. And Le Tote is reportedly considering buying Lord & Taylor.
Getty Images | Spencer Platt
Both companies have proven that customers want to rent everyday apparel in addition to luxury items such as evening gowns — and the retailers we love from our local malls have taken notice.
Another win for consumers, just in time for fall fashion.
Bring on the rentals!
The products and services mentioned below were selected independent of sales and advertising. However, Don't Waste Your Money may receive a small commission from the purchase of any products or services through an affiliate link to the retailer's website.
This story originally appeared on Don't Waste Your Money. Checkout Don't Waste Your Money for product reviews and other great ideas to save and make money.