Plato’s Closet® Franchise
If there’s one constant with the teen to twenty-something demographic it’s change. While changing hair color, profile pics, musical tastes and other interests are common, nothing requires more attention than their ever changing fashion needs! The exciting part about this group is they spend money to stay on top of the latest trends – to the tune of about $50 billion annually plus another $170 billion that others spend on them!
As the established retail franchise leader in the teen resale space, Plato’s Closet offers gently-used, brand-name apparel and accessories to both girls and guys at a fraction of the retail cost. With more than 460 locations and more opening every month, Plato’s Closet is the fastest growing retail franchise in North America.
The wish list for trendy, brand-name apparel and the availability of it in virtually every teen’s closet creates a fantastic opportunity for our franchise owners. Why? Because we buy our inventory from our customers every day. Unlike consignment, we pay cash on the spot. Think about it… who wouldn’t be interested in buying an outfit at a fraction of the cost of full retail prices AND get cash on the spot for items they no longer use? It’s a win-win for both the customer and the franchisee. This buy/sell model makes Plato’s Closet a truly unique retail franchise opportunity.
While the franchise model is proven, the financial health of our franchisees is the key to the success and growth of the brand. In 2015, the average Plato’s Closet location had sales of $992,016*. The top 25% (102 stores) reached an average sales volume of $1,454,415*. When you factor in an average Gross Margin of nearly 62% you can see why Plato’s Closet is one of the best franchises available today. In fact, Plato’s Closet is ranked #1 in its category in Entrepreneur Magazine’s Franchise 500 and has been in the Top 500 for the last 11 years. Plato’s Closet is also ranked in both the Fastest Growing and America’s Top Global franchise categories. In 2014, Plato’s Closet received another outstanding accolade as it was ranked the number one franchise investment opportunity by Forbes Magazine in the $150,000 to $500,000 investment category!
Starting a small business is exciting and can be a bit overwhelming. With nearly 30 years of experience in franchising and more than 1,184 locations, Winmark Corporation has the support, training and tools to make your dream of opening your own business a reality!
INTERESTED IN OWNING YOUR OWN STORE?
The first step in our process is getting financially qualified, as proper capitalization is the most important factor in starting a successful business. Candidates are qualified based on an investment of about $250,000. We require at least $75,000 in cash or liquid assets and enough equity in a home or other asset to secure a loan for the balance of the investment. If you’re ready to take the first step in the process, Inquire now.
Meet Our Franchisees
Our franchisees have come to us from a variety of backgrounds and professional experiences. In almost every case, they started as a customer or they were referred by someone who shopped the store and realized there was a need in their market for Plato’s Closet! We highly encourage our franchise candidates to visit with our franchisees to learn directly from the source what it’s like to own your own business! Once you’ve been approved financially, your due diligence will include visiting our stores and talking to our franchisees to hear firsthand about their experience and to gain an understanding of the opportunities you have as a Plato’s Closet store owner. To get an idea about what you’ll learn let’s hear from a few of our franchisees.
Attend Discovery Day
Once you’ve learned more about being your own boss from our franchisees and you’re ready to take the next step, you’ll be invited to Discovery Day in Minneapolis. Discovery Day is an opportunity for you to meet the Plato’s Closet team and discover what it will take to own your own business. You’ll enjoy meeting experts from Real Estate, Training, Store Operations, Marketing and more! You’ll also have the opportunity to meet personally with the Brand Director to talk about how you plan on financing and operating your new business. Discovery Day is also a time for us to ensure that you are the right fit for our brand!
Join the Plato’s Closet Team
After we have both decided that this is the right new business opportunity for you, it’s time to take your next steps toward entrepreneurship! Once franchise agreements have been sent you’ll need to schedule your first week of training and the process toward your grand opening will begin! The process from start to finish typically takes about nine months, and territories are going fast, so if you have an interest in opening a store, start the process today!