How Much Does it Cost to Open a Plato's Closet® Franchise?
As in any successful start-up business, proper capitalization from Day 1 is key. We qualify candidates on an approximate investment of $275,000 to $350,000, however, this investment will vary depending on the market and other factors. Either individually or with a financial partner, our minimum net worth and liquid asset requirements are as follows:
- $75,000 to $105,000– Cash or liquid assets*
- $400,000 – Net Worth
*Liquid asset examples include cash, non-retirement stocks, and bonds, etc.
Verification of financial data such as cash available will be required as you move forward in our franchise process. Funds quoted above are in U.S. dollars.
Interested in more detailed franchise costs and investment information? Contact us today!
Plato's Closet Fast Facts
Haven't yet been to one of our Plato's Closet locations? That's okay! Below, see a general overview of our franchise stores, what kind of merchandise they carry, who they serve, and more!
Sales and gross margins:
- Top Quartile Average Gross Sales: $1,423,348 (2020)*
- Top Quartile Average Gross Profit: $889,904 (2020)*
*The Average Store numbers are the 2020 Average Gross Sales and Average Gross Profit amounts stated in Item 19 of the 2021 Plato’s Closet® Franchise Disclosure Document (as reported by 465 of the 468 stores that had been in operation at least one year as of December 26, 2020). Of the 465 reporting stores, 190 or 41% of the stores attained or exceeded the Average Gross Sales and 192 or 41% of the stores attained or exceeded the Average Gross Profit. The Top Quartile Average Gross Sales and Average Gross Profit only relates to 116 of the reporting Plato’s Closet® Stores who ranked in the top 25% of the gross sales range. Of the 116 reporting stores in the top quartile, 46 or 40% of the stores attained or exceeded the top quartile Average Gross Sales and 43 or 37% of the stores attained or exceeded the top quartile Average Gross Profit. A new franchisee’s results will likely differ from these results.
- Power strip centers or suburban centers around regional shopping malls with a solid teen draw
- 3,500 – 4,500 square feet
- 98% gently used
- 2% new
- Females age 12 to 24
- Middle to upper middle income households
- Junior/senior high school and college students
If you meet these investment requirements and are interested in opening a Plato's Closet location, then Winmark Corporation invites you to contact us. Fill out our qualification form today.