Encouraging sustainable shopping

That year, it opened its first stores in the US and Malaysia, prioritizing the former as it was a mature market for second-hand goods.

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In Malaysia, it operated on a business-to-business model, selling imported Japanese goods on a wholesale basis—although it recently began buying from customers.

Expanding to Singapore was a no-brainer as it is "the most developed country in South-east Asia", he says. "There is only one country in South-east Asia whose GDP exceeds that of the US: Singapore. The buying power is very strong.

"Operation costs in Singapore are high, but we can be flexible in pricing as long as demand remains high."

SECOND-HAND TAKES OFF

The company's rapid global expansion comes at a time when interest in second-hand goods is at an all-time high. A report from international market researcher Statista estimated the global market value of second-hand and resale apparel to be worth US$256 billion (S$336 billion) in 2025.

Consultant Bain & Company estimated that second-hand luxury sales increased by 125 per cent from 2017 to 2023, against just 43 per cent for first-hand.

With Gen Zs driving interest for its perceived cool factor, demand in Singapore remains strong, fueled by the post-pandemic wave of independent thrift shops and pop-up flea markets. Mr Nakamura also cites the rise of peer-to-peer (P2P) resale platforms that include Mercari in Japan and Carousell in Singapore that have helped normalize the idea of shopping pre-loved.

But as P2P platforms—which are hard to regulate—mature, they also become increasingly saturated with fake or damaged goods, diluting the experience for shoppers, he says. "That's why customers are more comfortable selling to 2nd Street."

Mr Nakamura, who prior to joining Geo Holdings spent more than 20 years at Japanese retail company Aeon, believes 2nd Street's success lies in its unique ability to straddle both the first- and second-hand shopping experience.