As rental services are rising in popularity, the competition begins to increase. Banana Republic is now the latest retailer joining the list of retail companies joining the rental business.
Last week, Banana Republic announced the launch of their online subscription rental service. Their latest service called, “Style Passport,” will allow customers to rent three items for the monthly fee of $85, with the option to purchase any piece. Banana Republic developed Style Passport along with CaaStle, which will handle the logistics.
Banana Republics transition into the apparel rental subscription comes as more and more traditional retailers are joining the industry that is currently dominated by Rent the Runway! In July, Urban Outfitters went live with its Nuuly apparel rental subscription service which lets subscribers choose from the retailers several brands.
According to GlobalData Retail, the clothing rental market was valued at $1 billion in 2018 and is growing by more than 20 percent annually, with a predicted $2.5 billion by 2023! With the ever changing demand from consumers of convenience shopping, Banana Republic is also going to offer buy-online-pick-up-in store beginning this Fall!