How much do you make owning a Plato's Closet?
Sales and gross margins: Average Gross Sales: $1,227,230(2021)* Average Gross Profit: $777,664 (2021)*
What company owns Plato's Closet?
Winmark CorporationWinmark 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).
Is Platos Closet a good franchise to own?
A Plato's Closet franchise might be an excellent opportunity to become part of the fashion industry. Being a Winmark brand, they have established themselves as a retail franchise leader in the resale space with affordable prices and great finds.
Is Platos Closet a chain?
Today Plato's Closet is recognized as the nation's largest chain of teen and twenty something resale stores with over 480 store locations in North America.
Who owns the biggest closet in America?
socialite Teresa RoemerThe mansion, located at 47 Grand Regency Circle in The Woodlands, a wealthy suburb of Houston, belonged to socialite Teresa Roemer, a woman locally dubbed “the real housewife of Houston.” At over 17,000 square feet and six bedrooms, the property boasts Texas-style, super-sized flourishes everywhere.
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 wash their clothes?
Platos Closet does not wash the clothes before selling them to the customers. Therefore, it's recommended to wash them right after you buy one for yourself. This is to ensure that you're getting the cleanest possible clothes.
Who are Plato's Closet competitors?
Top Competitors of Plato's ClosetWinmark Corp. $79 Million.Swap.com Inc. 189. $45 Million.Value Village. 115. $16 Million.Tradesy Inc. $19 Million.The Pro's Closet Inc. $19 Million.Houser Shoes Inc. 137. $25 Million.
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!
How strict is Plato's Closet?
Plato's closet is very strict about the clothes they will purchase. Which means when deciding what clothes to sell there are two things you should keep in mind. One, your clothes MUST be gently used. That means no stains, holes, fading, or excessive wear.
Does Plato's Closet buy Lululemon?
Bring in the clothes you no longer need to Plato's Closet Boulder and earn CASH for all the items we buy! We LOVE brands like Brandy Melville, Urban Outfitters, Patagonia, Lululemon, American Eagle, Pacsun, Free People, Nike, and many others! Remember ... we buy all seasons all the time.
How many Plato's Closet locations are there?
With over 475 locations across North America and new stores opening each month our impact continues to grow.
Is Plato's Closet family owned?
Each Plato's Closet location is individually owned and operated by business savvy owners. We are a family owned business. We believe we have the friendliest staff of any retail store.
What franchises does the winmark corporation sell?
Our franchised businesses are: Plato's Closet®, Once Upon A Child®, Play It Again Sports, Music Go Round®, and Style Encore®. All of these brands buy, sell, trade, and/or consign used and new brand-name merchandise.
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 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!
How much does a Plato's Closet franchise make?
As with any business, profits from a Plato's Closet franchise depend on a variety of factors. Typically, profits are proportionate to the size of investment. Demand for your products, labor costs, commercial lease rates and a number of other variables also play a huge role in your bottom line. For system-specific data, unlock this franchise .
How many franchise locations do they have?
As of the 2019 Franchise Disclosure Document, there are 480 franchised Plato's Closet locations in the USA.
When did they begin franchising?
They began franchising in 1999. The average Fashion franchise began franchising in 2010.
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.
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 .
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Where was Plato's closet first opened?
The first Plato's Closet® store was opened in Columbus, Ohio by founders Lynn and Dennis Blum. Experienced business owners who have a long history of recycling success, they turned to a teenage son to help create the name for the business.
Is Plato's closet a franchise?
Plato's Closet® is part of a franchise system that has been supporting unique retail franchise businesses since 1987. Winmark Corporation's years of experience and small business services combined give you a great head start with extensive training and support that includes:
