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.
Company Background
Plato's Closet is an exciting retail brand that provides affordable fashion for teens and young adults. The company is a leading seller of gently used clothing, shoes, accessories, and more. Plato's Closet offers its customers high-quality products at low prices by trading in the latest trends with designer labels. The franchisee will own and operate a store from which they will sell quality brands to their customers.
Franchise Opportunity
Teenagers are growing fast and they need new clothes all the time. But buying clothes for teenagers is expensive, especially if you don't want them to wear the same thing as everyone else at school. Plato's Closet buys back gently used teen clothing in good condition at a fair price and then resells it in our stores so teens can buy quality name brand clothing that fits their style without breaking their budget. We also buy new items from brands like Abercrombie & Fitch, American Eagle Outfitters, A?ropostale, Aeropostale, Alpha Industries America Eagle Outfitters , Banana Republic , Billabong , Calvin Klein Jeans Co., Inc., Columbia Sportswear Company (including but not limited to Columbia Footwear), Converse All Star Chuck Taylor Brand Shoes/Shoes for Crews /Sperry Top-Sider /Vans Brands/DVS Shoe Corp./H
Corporate Structure
Winmark Corporation was incorporated under the laws of the State of Minnesota on July 20, 1988 under the name “Play it Again Sports Franchise Corporation.” In July 1993, Winmark’s corporate name was changed from “Play it Again Sports Franchise Corporation” to “Grow Biz International, Inc.” In November 2001, their corporate name was changed from “Grow Biz International, Inc.” to “Winmark Corporation.” Winmark’s principal business address is 605 Highway 169 N , Suite 400, Minneapolis, Minnesota 55441. Winmark conducts business under the name Plato’s Closet®. Winmark also conducts business in 4 other separate lines of businesses under the names Play It Again Sports®, Music Go Round®, Once Upon A Child® and Style Encore®.
Royalties and Marketing Fees
Royalties : 5% of your ?Gross Sales
Royalties : $1,500 per year
Royalties : Minimum amount, when combined with cooperative advertising expenses, is 5% of your Gross Sales.
Earnings Transparency
7 /10
This Franchise discloses slightly more information about the financial performance of their franchisees compared to other franchises in the same industry
Why do some franchises disclose more than others?
There are many reasons why a brand may choose to not include item 19 on their FDD: they could be a newer franchise, they may be in a unique industry that is not super profitable or well-known yet
Financial Performance of "Standard" Units
Average Revenue Per Unit
Compared vs. Clothing & Accessories Industry
$1,301,330 / unit
Franchise Type: Standard
Average Revenue During 2022
$1,301,330
$400,191 Industry Low
$1,301,330 Industry High
Average Gross Profit Per Unit
Compared vs. Clothing & Accessories Industry
$824,126 / unit
Franchise Type: Standard
Average Gross Profit During 2022
$824,126
$510,225 Industry Low
$824,126 Industry High
Franchise Types Available
#
Type
Investment
Fees
Employee Contact Database
#
Name
Position
Phone Number
Email Address
Distribution of Plato's Closet Franchisees
Plato's Closet Franchise System Development in 2022
FAQ
How much investment do I need to start my own Plato's Closet business?
Franchisees typically require at least $287 to $417 investment to get their Plato's Closet business started
What are the initial franchise fees for Plato's Closet?
Franchisees typically need to pay at least $47 in fees directly to Plato's Closet in order to earn the right to launch their business
How much money can I make with a Plato's Closet franchise? What are
the average revenues for a typical Plato's Closet business?
We estimate that the average revenue of an individual
Plato's Closet unit is approximately
$1,301,330. We based this on Item 19 in franchise disclosure
document
How long do I need to commit to running a Plato's Closet unit? What
is my contractual commitment?
Plato's Closet franchisees are typically required to sign up to a
10 year contract initially. The renewal length
is 10 years. You can of course exit early but
don’t expect to get any refund!
Accessibility
2 /10
The Franchisor's investment costs ranges from
$287,300 to $417,300
which is
Much Higher
than the $0 to $0 average in the Clothing & Accessories industry
What determines the investment cost?
Item 7 of the Franchise Disclosure Document lays out the full list of initial investment costs, including the fee payable to the franchisor, security deposits, equipment, professional fees etc
Franchises in the Same Industry
Popular Franchises
Is this your Franchise?
Update your profile with photos, videos, useful information, and start connecting with prospective franchisees today