Plato's Closet - franchise business for sale, Chicago, Illinois

Location: Chicago, Illinois
Asking Price $210,000
Gross Revenue $965,000
FF&E $107,000 (included)
Inventory $80,000 (included)
Year Established 2004
Employees 12 (10 PT, 2 FT)

Well Established, High Volume Plato's Closet Franchise For Sale.

Plato's Chicago

Plato's Closet Chicago Store is located one block away from Century Mall and 2.7 miles from Water Tower shopping center with high traffic and great tenants. This is an opportunity to own an established turn-key franchise with one of the nation’s leading retail brands. With 18 stores across Illinois and nearly 440 in North America the name recognition of Plato's closet is excellent. The greater Chicagoland market is completely sold out of territories and the only open markets left state wide are downstate 3–5 hours from Chicago in Carbondale and Decatur.

interior of store

This store relocated to a larger space in August 2012 so the fixtures, carpet, computer system and other supplies are in great shape. The square footage increased to 5,030 sqf with an additional 2,000 sqf mezzanine for office, break room and backstock that isn’t included in the rent.
The store facility is well maintained with very responsive property managers. Lease runs through October 2017 and there is a 5 year option.
jeans display

This location is in a very busy six corner area of Broadway, Clark & Diversey. Business such as; Noodles, Chipotle, Walmart grocery store, Stan Donuts, AMC Movie Theatre, nail salons, Walgreens and much more.

Current owner is selling as they are retiring.

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. 

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.

brand

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 #1 franchise investment opportunity by Forbes Magazine in the $150,000 to $500,000 investment category

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