Plato's Closet - franchise business for sale, Memphis, Tennessee

Location: Memphis, Tennessee
Price SOLD
Gross Revenue SOLD
FF&E $78,000 (included)
Inventory $121,000 (not included)
Year Established 2008

Great opportunity to buy an existing and profitable Plato's Closet franchise.

This Plato’s Closet location occupies a 5200 square foot space, which has been remodeled in 2012. The store is ideally located on the city’s main thoroughfare in a popular and visible center.

Plato's Memphis outsideThis is a great opportunity for a motivated buyer to take advantage of this business’ potential and grow sales through marketing efforts online and offline.

There is very little competition in the immediate area. There are 25 experienced and mostly part-time staff in place. Training will be provided to the new owner by the franchisor upon transfer.

This location has been profitable since opening 8 years ago and boasts revenue of $1,036,700. FF&E valued at $78,000 is included in the sale price. Current owner is selling due to health reasons.

About Plato's Closet

Plato’s Closet, a Winmark brand, is the established retail franchise leader in the teen resale space. Plato’s Closet offers gently-used, brand-name apparel and accessories to both girls and guys at a fraction of the retail cost.

 brandThere 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.

At Plato’s closet, we buy our inventory from our customers every day and unlike consignment, we pay cash on the spot. Our customers buy outfits at a fraction of the cost of full retail prices AND get cash on the spot for items they no longer use? It’s a win-win for both the customer and the franchisee. This buy/sell model makes Plato’s Closet a truly unique retail franchise opportunity.

While the franchise model is proven, the financial health of our franchisees is the key to the success and growth of the brand. In 2015, the average Plato’s Closet location had sales of just under $1M. The top 25% stores reached an average sales volume of just under $1.5M. Factoring in an average Gross Margin of nearly 62% it makes Plato’s Closet one of the best franchises available today. 

 

In fact, Plato’s Closet is ranked #1 in its category in Entrepreneur Magazine’s Franchise 500 and has been in the Top 500 for the last 11 years. Plato’s Closet is also ranked in both the Fastest Growing and America’s Top Global franchise categories. In 2014, Plato’s Closet received another outstanding accolade as it was ranked the number one franchise investment opportunity by Forbes Magazine in the $150,000 to $500,000 investment category! 

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