Luxury online consignment retailer The RealReal Inc. is planning to expand to Phoenix and create 1,685 jobs as the company grows its national footprint.
According to city of Phoenix documents, the San Francisco company conducted a nationwide search and chose to put its fourth e-commerce center in Phoenix, pending the upcoming City Council vote on incentives for the company. The RealReal is still conducting its due diligence and hasn't selected a site in the city yet.
Phoenix City Council will vote Oct. 7 on an agreement that will authorize the city to pay The Real Real $600 for every new employee earning an annual wage of at least $33,452 in their second year of employment, according to city documents. The incentive will be capped at $1 million and will come from the city's strategic economic development fund.
The RealReal's hiring will be phased over a five-year period, but more than 400 employees will be hired within the first year of operations, upon council approval of the lease terms, according to city documents. The company will work with the city of Phoenix to identify and hire workers who have been previously laid off because of the Covid-19 pandemic.