FranNet Verified Brand
FranNet Verified Brands are reviewed by FranNet to ensure legitimacy and industry required documentation.
|Liquid Capital Required:||$75,000 - $105,000|
|Net Worth Required:||$400,000|
|Total Investment:||$251,700 - $390,700|
|Financing:||Via 3rd party|
|Incorporated Name:||Plato's Closet|
|Home Office:||Minneapolis, Minnesota|
About Plato's Closet
Plato's Closet is all about being fashion savvy and shopping smart. We're a unique recycling retail store just for teens and young adults from ages 12 - 15. We buy and sell the latest looks in fairly-used clothing and accessories from the hottest brands. We're not your typical resale store! Our process is quick and easy; we buy every day and will pay cash on the spot for the items we can sell.
Values & History
Plato's Closet continues its dominance as the leading national retail resale store of its kind and with over 480 locations across North America and new stores opening each month, our impact on our customers, communities and environment continues to grow as we reach millions of teen and twenty-something consumers.
Market & CompetitionFor most teens, what's new and hot and trendy always commands the most attention. From social media to music and entertainment and of course, fashion. We've developed the Plato's Closet brand to meet these demands and offer teens and twenty-somethings high-quality, gently used apparel that is stylish, affordable, and very "now."
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.
In 2018, our average Plato's Closet location had sales of $1,037,564, and our top 25% of these stores (110 locations) had average gross sales of $1,548,876.
Even Entrepreneur Magazine agrees and has ranked us in its category in the publication's Franchise 500—a list that our brand has been included on for over a decade.
Purchasing a Plato's Closet Franchise
We qualify candidates on an approximate investment of $250,000 to $350,000. Cash or liquid assets: $75,000 - $105,000 and $400,000 in Net Worth.
If you don't have these assets, it does not necessarily disqualify you. You can take loans to provide the required capital for your store or partner with family or friends to help you qualify.
Ideal Candidate & Qualifications
We are looking for more passionate entrepreneurs that want to start their own business to meet our investment requirements.
Training & Support
With more than 75 hours of classroom and in-store training on topics such as employee management, merchandising, store operations, buying used merchandise and customer service, you'll gain the knowledge you'll need to start your own business.
Our training staff will educate you on what's hot and what's not in today's fashion trends and our field operations personnel will help guide you on financial management, cash flow, marketing, merchandising and store operations.