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There are more than 460 Plato’s Closet locations and more opening every month making Plato’s Closet the fastest growing retail franchise in North America.
How many Plato’s closets are there in the world?
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.
How much does a Plato’s Closet owner make?
The average salary for an Owner Operator is $74,460 per year in United States, which is 36% higher than the average Plato’s Closet salary of $54,421 per year for this job.
Where is the biggest Plato’s Closet?
Plato’s Closet in Brandon recently moved into a 7,400-square-foot space that more than doubles the consignment shop’s size. The move makes it one of the largest Plato’s Closets in the country.
What company owns Plato’s Closet?
Franchises. 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).
What the most Plato’s Closet will give you?
The bottom line The first thing you need to know about Plato’s Closet is that when they take in your items, they give you between 30% and 40% of the retail value of that item. Say you bring in a pair of jean shorts that you bought for $20, the store can only give you so much for it.
What percentage does Platos Closet pay?
If they buy your clothes, it will usually be around 30 – 40% of the price you bought them at. They sell your clothes for 70% off retail prices, so in order to make a profit, they don’t want to spend much to buy them.
How much does it cost to start a Plato’s Closet?
Plato’s Closet Franchise Costs & Fees Name of Fee Low High Initial Franchise Fee $25,000 $25,000 Fixtures and Supplies $35,000 $50,000 Signs $8,000 $11,000 Security Cameras $1,000 $5,000.
What is Plato’s Closet profit margin?
Plato’s Closet is one of Winmark’s top brands, achieving an average gross margin of 61.69 percent (according to its 2019 FDD). Winmark says that all of its brands achieve average gross margins greater than 45 percent.
Who owns Once Upon a Child?
Original Signage. In 1992, the franchising rights for Once Upon A Child were sold to Growbiz International (now known as Winmark Corporation). Dennis and Lynn Blum continue to own and operate 8 Once Upon A Child Stores in the Columbus & Toledo area & several other resale concepts unaffiliated with Winmark.
Does Platos Closet give good money?
How much does Platos Closet pay for clothes? Since Plato’s Closet cash for your items in cash, expect a sharp mark-down from retail value. If Plato’s Closet buys your clothes, it will usually be around 30-40% of the price you bought them at.
Does Platos Closet wash their clothes?
Safety at stores like Plato’s Closet is key, considering how much of their inventory is secondhand. “Making sure that they’re freshly laundered, that there’s no signs of recent wear or tear on those items,” Lehr said.
Is Plato’s Closet considered a thrift store?
The original idea behind Plato’s Closet was inspired by the positive impacts that a thrift store can have on society and the environment. Plato’s Closet differs from other thrift stores because the people who choose to donate clothing get financial compensation for it.
How much does a Plato’s Closet make a year?
In 2019, our average Plato’s Closet location had sales of $1,093,448, and our top 25% of these stores (113 locations) had average gross sales of $1,621,916.
How long has Plato’s Closet been around?
Company History 8. Plato’s Closet was founded in 1998 by Lynn and Dennis Blum in Columbus, Ohio. The Blums were also the founders of Once Upon A Child, a resale franchise that they sold to Winmark Corporation in 1992.
What does Plato’s Closet refer to?
About Plato’s Closet Plato’s Closet buys and sells gently used clothes, shoes and accessories, so you can recycle the items you no longer wear and get paid on the spot. Each Plato’s Closet location is individually owned and operated by local business owners, so you can feel good about shopping small.
What does Plato’s Closet not take?
Plato’s closet is very strict about the clothes they will purchase. One, your clothes MUST be gently used. That means no stains, holes, fading, or excessive wear. Second, they typically only buy items that are currently in style and in season.
Does Plato’s Closet Buy Old Navy?
At Plato’s Closet, we buy and sell gently used clothes, shoes, handbags, and accessories for guys and girls in their teens and twenties. 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 Nike, American Eagle, Lululemon, Old Navy and more.
How old do you have to be to sell to Plato’s closet?
You must be at least 18 years of age & present valid state ID to sell your items to Plato’s Closet. We pay MORE for your items if you choose store credit. So be sure to shop our amazing selection and take advantage of this great offer when you can!.
Does Plato’s Closet buy kids?
Casey ThompsonPlato’s Closet Casey – Plato’s Closet stores buy and sell gently used clothes for teens and twenty-somethings. However, check out our sister store, Once Upon A Child, they buy and sell gently used kids stuff!Apr 23, 2014.
Does Platos Closet take Shein?
Sell us any of your gently used Shein and watch for our Shein drop!Jul 14, 2020.
How do you become a Plato’s Closet owner?
The financial qualifications for our Plato’s Closet franchisees include: Net Worth – $400,000. Liquid assets (cash or stocks) of $75,000 to $105,000.
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.
