Good deal: Savers Value Village worth nearly $4 billion after strong public debut

America’s largest private thrift store just went public.

Savers Value Village began trading on the New York Stock Exchange today at $18 per share. That’s higher than Savers initially forecast. The share price continued to climb Thursday, earning the company a market capitalization of nearly $4 billion in its debut.

The Bellevue-based company operates hundreds of thrift stores throughout the U.S. and Canada.

Secondhand stores often operate as nonprofits and aren’t typically considered Wall Street material, but thrifting has become big business. The secondhand market was estimated at $35 billion in 2021 and it’s expected to more than double in the next three years, according to CNBC.

The vintage boom is driven by younger generations as an eco-friendly, affordable alternative to fast fashion. “Thrift hauls” are popular on TikTok with Gen Z and millennial shoppers posting videos of their vintage finds.

“When you pair the rise of the environmentally conscious consumer with our superior value and desirable in-store experience, we’re capitalizing on a significant opportunity to bring more Savers Value Village stores to more people,” said Savers CEO Mark Walsh in a statement to KUOW.

Although all of the Value Village stores in Seattle proper have closed, they’ve had a significant cultural impact on the city. Parts of Seattle rapper Macklemore’s “Thrift Shop” music video were shot at a Value Village in Capitol Hill.

There are still several Value Village stores in cities surrounding Seattle, as well as hundreds across North America and Australia. In some regions, the stores are simply called Savers.

Some market watchers are celebrating Savers’ strong public debut as a sign that initial public offerings are rebounding after a slump in recent years. But there’s also a glass-half-empty perspective. After all, who stands to gain more from a recession than a chain of thrift stores?