Is Plato's closet a good franchise to buy?
Many times since its founding, Plato's Closet has been ranked in Entrepreneur’s Franchise 500. This ranking is based on an evaluation of more than 150 data points in the areas of costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.
Is Plato's Closet owned by Winmark?
Plato's Closet Teen- and young-adult-clothing resale stores Previous | Next. Plato's Closet is owned by Winmark (formerly Grow Biz), which also franchises Music Go Round, Once Upon A Child, Style Encore and Play It Again Sports.
Why plato’s closet?
Plato’s Closet continues its dominance as the leading national retail resale store of its kind and we are looking for more passionate entrepreneurs that want to start their own business and share this journey with us.
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How much do Platos Closet owners make?
Sales and gross margins: Average Gross Sales: $1,227,230(2021)* Average Gross Profit: $777,664 (2021)*
Is Plato's Closet a good franchise?
Plato's Closet has been ranked by Entrepreneur Magazine as the #1 teen and #1 retail franchise for the past several years. We have the highest average unit sales volume in the industry and the highest gross margins. We have been the fastest growing resale retail franchise since our inception in 1999.
How much can I make selling to Plato's closet?
So, how much does Plato's Closet pay for clothes? Your cut is typically a third of what they could sell it for. They'll buy basic things like T-shirts for around $2. To get the best payout, bring in some of the higher-end brands they want to cater to their teen/young adult crowd.
How much does Platos Closet pay for name brand?
TIPS FOR GETTING PAID We sell at about 60-70% off original retail prices and we will offer you about 1/3 of that. Yep, we want to make a little cash too. If you don't like the offer, you can keep your items. If it all sounds good to you, then we will pay you cash on the spot!
Who owns Plato's Closet?
Winmark Corporation owns five franchise-based retail companies that focus on used goods: Music Go Round (musical instruments), Once Upon a Child (children's clothes and toys), Plato's Closet (adolescent and young adult clothes), Play It Again Sports (sports equipment), and Style Encore (women's clothing).
How does Platos Closet make money?
Unlike consignment shops, Plato's Closet pays sellers on the spot. The used clothes are purchased at between 30% and 40% of what Plato's Closet intends to sell them at, creating a profitable model for both franchisees and customers.
Does Platos Closet only take name brand?
Step 1: Bring in your gently used, current style name brand clothing, shoes and accessories. Step 2: A buyer will review your items while you shop the store. All items must be FRESHLY LAUNDERED, free of stains, all buttons and zippers in place and working order.
How does Plato's Closet know how old something is?
Recent Items To find out how old something is look at the tag inside the shirt. Most of the brands that Plato's Closet buys – think American Eagle, Hollister, Old Navy, etc. – all have dated tags in them. The more recent an item is, the more likely Plato's will buy it.
Does Plato's Closet buy designer purses?
We do designer too! We want the best for our customers, that's why we pay CASH for high-end designer purses and handbags from brands like Louis Vuitton, Gucci, MK and more at Plato's Closet!
Does Plato's Closet buy Michael Kors?
We buy accessories such as crossbody handbags, wallets, cardholders from either mall brands or a select list of designers (Rebecca Minkoff, Coach, Kate Spade, Dooney & Bourke, Michael Kors).
Does Platos buy shoes?
We buy gently used teen and young adult clothes, shoes and accessories that are in good condition — no stains. We buy every day and will pay you cash on the spot, no appointment needed!
Does Platos Closet pay weekly or biweekly?
You are paid biweekly in the form of direct deposit or check pick up.
Does Platos Closet pay well?
Hourly pay at Plato's Closet ranges from an average of $8.14 to $15.98 an hour. Plato's Closet employees with the job title Retail Store Manager make the most with an average hourly rate of $15.25, while employees with the title Sales Associate make the least with an average hourly rate of $9.75.
What POS system does Platos Closet use?
Point-of-Sale (POS) System: $25,200 to $32,400 You must use in your Store the POS System which Winmark has selected for the Business System. You must obtain a license for the Proprietary Software from Winmark.
Is there Lululemon at Plato's Closet?
Store Hours We have all the name brands and styles you love at up to 70% less than regular retail prices. We look for brands such as Brandy Melville, Urban Outfitters, Patagonia, Lululemon, American Eagle, Free People, Nike, Adidas, Champion many many more... Want to make some extra cash fast?
How many Plato's Closet locations are there?
Lead the Teen Resale Space in Your Community! With more than 475 North American locations—and more opening every month—our Plato's Closet brand continues to provide marketplace success for franchisees passionate about delivering the latest trends and styles to the ever-changing fashion needs of young men and women.
Plato's Closet Franchise Cost & Opportunities 2022 | Franchise Help
Plato’s Closet stores buy and sell gently used brand-name apparel and accessories for teens and young adults. Customers have the opportunity to sell their used items to a Plato’s Closet store when outgrown and to purchase quality used clothing and accessories at prices lower than new merchandise.
Plato's Closet didn't take ANYTHING : r/declutter - reddit
321 votes, 123 comments. I've been decluttering some clothes and I brought in a decent amount of stuff to Plato's Closet, thinking I might make a…
has anyone sold stuff to a plato's closet with success? : r/Frugal - reddit
114 votes, 55 comments. I have a closet full of stuff I've hardly worn that no longer fits but I wanna know if it's worth my time.
12 Secrets Of Plato's Closet That No One Knows About, From An Employee
5. Stamp cards don't expire. Yep, you read that right! There is an expiration date written on each card, but we do not value it. Most stores have actually gone virtual and keep up with your stamps in the computer system, so you don't have to keep up with your card.
How I Get the Most Money Selling to Plato’s Closet
that’s what I typically do! though I have had them not take clothing with the tags on them. I would look around the store you want to sell at and see if they have a NWT rack, or have a large amount of items with the tags still on them for whatever item you have (ex. look at their skirt section if you have a skirt with tags still on to see if they have a lot of skirts with tags still on them ...
What is Plato's closet?
Plato’s Closet stores buy and sell gently used brand-name apparel and accessories for teens and young adults. Customers have the opportunity to sell their used items to a Plato’s Closet store when outgrown and to purchase quality used clothing and accessories at prices lower than new merchandise. Their stores fill a distinct niche in the retail marketplace. They are the only national resale business that specializes in the teen and twenty something market group. The wish list for trendy, brand-name apparel and the availability of it in virtually every teen’s closet presents fantastic opportunities for both franchise owners and customers alike.
How much capital do you need to open a Plato's closet?
$176,600 is the minimum that someone opening a location should expect to invest. The most the franchisor could ask you to invest is $328,900 if you want to become a franchisee. $20,000 is the franchise fee new franchisees pay the franchisor. There are currently 243 Plato's Closet units in operation.
Is Plato's closet a franchise?
Plato's Closet is listed in the Franchise Directory under the Retail category. It's also listed in the section for Franchises Under $60,000 .
Opportunity
Over 30% of our franchisees own multiple locations, with many owning multiple Winmark brands.
Love Fashion & Retail?
Want to combine a love of fashion with a business opportunity that is not only good for your community, but also good for the planet? A sustainable franchise that is recession-proof? Plato’s Closet continues its dominance as the leading national retail resale store of its kind and we are looking for more passionate entrepreneurs that want to start their own business and share this journey with us.
The Opportunity
Life changing. That’s what we hear from our franchisees. They are doing something they love and positively impacting the people and world around them. They are an integral part of their communities, providing much-needed cash to their customers for their gently used items and selling them fabulous merchandise at up to 70% off regular retail.
Who owns Plato's closet?
Franchise Description: Winmark Corporation is the franchisor. The franchisee will own and operate a Plato’s Closet retail store from which the franchisee will sell quality used and new brand name teen and young adult clothing and accessories.
What is the exclusive territory of Plato's closet?
Territory Granted: Franchisees will receive an “exclusive territory” surrounding the location of the store when granted a Plato’s Closet franchise. Computer modeled mapping which factors in population density and average household income and consumer traffic patterns will determine the boundaries of the exclusive territory, which is typically a three to five mile radius around the store. The franchisor will designate a development area within the exclusive territory. Franchisees can select a site for their store within this development area, subject to the franchisor’s consent to that site. The exclusive territory for stores located in urban areas (metropolitan areas with a population in excess of 250,000 persons) generally will have a minimum population of 75,000 to 100,000 persons. The exclusive territory for stores located in all other areas generally will have a minimum population of 50,000 persons. The franchisor will not establish another franchised or company-owned Plato’s Closet store at a physical location in the exclusive territory.
What are the obligations of a franchisee?
Obligations and Restrictions: If franchisees are an individual, they must be the on-site owner/operator and personally manage the store unless they receive the franchisor’s prior consent to delegate their authority to do so. If franchisees operate more than one store, they may delegate their management duties for additional stores to one or more managers. The franchisor requires store managers for franchisees operating multiple stores to attend the second session (concept training) of the new store training program. If franchisees are a corporate entity or a partnership, one individual must retain at least 50% of the equity and voting interest in the corporation entity or partnership and will be obligated to personally manage and operate the franchised business. Each individual who owns a 10% or greater interest in the franchisee entity is considered a principal owner and all principal owners and their spouses must sign the personal guaranty attached to the Franchise Agreement. Franchisees must offer and sell only those goods and services that the franchisor has approved. Franchisees also must offer all goods and services that the franchisor designates as required for all franchisees.
How long does a franchise agreement last?
Term of Agreement and Renewal: The length of the initial franchise agreement is 10 years. If franchisees meet the renewal requirements set forth in the Franchise Agreement, they can renew the Franchise Agreement for additional 10 year period (s).
Does Franchise Direct sell your information?
Franchise Direct's reputation for integrity in the franchise industry has been established over our 20+ years in business. We NEVER sell your information or share it with anyone other than the companies from which you have requested information. Please view our privacy policy.
Does franchising offer financing?
Financial Assistance: The franchisor does not offer direct or indirect financing. The franchisor does not guarantee a franchisee’s note, lease, or obligation.
Who owns Plato's closet?
Plato's Closet is owned by Winmark (formerly Grow Biz), which also franchises Music Go Round, Once Upon A Child, Style Encore and Play It Again Sports.
What is the franchise fee?
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
What is royalty fee for franchise?
This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
How long is a franchise agreement?
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
Do franchisors have in-house financing?
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
What is Plato's closet?
5. With a focus on being fashion-savvy and shopping smart, Plato’s Closet specializes in clothing and accessories for teens and twenty-somethings. The hip, trendy clothing store buys and sells guys’ and girls’ gently-used, brand-name clothing and accessories, including shoes, belts, purses, and jewelry, among other items. Once Upon A Child, the largest children’s resale franchise in North America, specializes in reselling gently-used kid’s clothes, shoes, toys, furniture, and baby gear.
When will Plato's Closet reopen?
1. In mid-May 2020, about two months after several states went into lockdown because of the ongoing COVID-19 pandemic, Plato’s Closet in Coralville, Iowa reopened with extra steps in place to ensure used items are still safe to buy. Renee Lehr, the district manager for the store, said, “It’s been exactly two months. What we’ve done in our store is set up stations and kind of separating the store a little bit so there’s more space for each person to have as much distance, hopefully, the six-foot distance, that they can have in the store.”
Why do people sell clothes?
11. Neumeier added, “For some people selling clothes, this is a way for them to get some extra money. Other people do it because they want to help the environment . And then there are people who want to sell the clothes and use that money to purchase some new clothes, and that’s the scenario that we hope for. You’ll sell your clothes and then go shopping around and you’ll find some great deals and buy more clothes.”
How many outlets are there at the end of the year?
Outlets at the End of the Year: 485
What happened to the stores during the temporary in-store closures?
During the temporary in-store closures, some Stores continued to operate by offering curbside and/or online sales.
Is Plato's Closet open in 2021?
4. At the end of March 2021, Winmark Corporation announced that the Sheboygan, Wisconsin market is now open and available for new Plato’s Closet, Once Upon A Child, Style Encore, and Play It Again Sports franchise locations. Each of the Winmark brands has set the bar high in terms of industry standards to become the most dependable choice as consumers are continuously looking for high-quality, affordable, used retail resale shopping options.
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How many days of training does a franchisee need?
The franchisee (or a principal) and the general manager (responsible for the day-to-day operations) should attend training. They will have the initial five-day training program held by the franchisor. The franchisor may even designate a certain day and location for succeeding training. This applies to franchisees (or a principal), previously trained personnel, and other staff members. In some cases, the franchisor may even require additional training sessions to ensure the franchisees meet the franchisor’s standards.
What events does a franchisor have to attend?
The franchisor may also hold conferences, conventions, and regional meetings and may require franchisees to attend these events.
How long is franchising phase 1?
The duration of Phase I will be 15 hours or longer, conducted within a one to three-week period. In some instances, the franchisor MAY require a Franchise Consultant to join the training. However, the training may take longer depending on the attendees’ knowledge and experiences. As for the location, the franchisor may assign a location, or it could be held over video conference.
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However, they will be granted a one to five-mile protected territory as arranged in the Franchise Agreement.
