Make and Offer- Plato's Closet For Sale, #1 Franchise in it's Category

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Business Description

Plato's Closet is the #1 franchise in it's category according to Entrepreneur Magazine's franchise 500. Plato's Closet Bountiful, UT has excellent growth potential. The system wide sales average across more than 475 stores is over $1M.

The current owners have too many commitments and not enough time is dedicated to the day to day operations of this business. The new owner has a wonderful opportunity to start fresh by implementing a new store look and re-marketing the business. There is a lot potential and strong demographics in the area. Make an offer!

As the established leader in the teen resale-retail space, Plato’s Closet offers gently-used, brand-name apparel and accessories to both girls and guys at a fraction of the retail cost. With over 475 locations and more opening every month, Plato’s Closet is the fastest growing franchise in the teen retail space.

Plato’s Closet was ranked the #1 Retail Franchise Investment in the $150,000 - $500,000 range by Forbes for the last two years and has been #1 in it's category in Entrepreneur's Franchise 500 on an annual basis. The business and financial model for this brand is unparalleled.

If there’s one constant with the teen to twenty-something demographic it’s change. While changing hair color, profile pics, musical tastes and other interests are common, nothing requires more attention than their ever changing fashion needs! The exciting part about this group is they spend money to stay on top of the latest trends - to the tune of about $50 Billion annually plus another $170 Billion that others spend on them!

About the Business

Bountiful, Utah
Year Established:
Number of Employees:
Real Estate:
Building Sq. Ft.:
$2,856.25 Per Month
Located in an updated strip mall, remodeled in 2018. There is plenty of parking available, near a bank, food and grocery stores. This is a clean space but this location needs a brand refresh. The new look breathe new life into this Plato's Closet.
Market Outlook/
The only competition in the Bountiful market is an Uptown Cheapskate located 15 miles south in Salt Lake City's Gateway Mall.
Growth & Expansion:
This location will strive with more attention and focus on marketing and advertising. Plato's Closet is an owner operator model- this business succeeds when their is more attention placed on the day to day operations, following the model and buying all seasons all year/all day long. This location is due for a brand refresh and once complete this will breathe new life into the store - the new owner has the opportunity to re-market and start a new.
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About the Sale

Reason For Selling:
Multi business owner- not enough time to dedicate to this business
Training is required and provided by the franchisor upon transfer. Additional ongoing support includes marketing and advertising, merchandising, inventory and financial management. Ongoing educational and support opportunities through field staff, conferences, trade shows and more.
Seller Financing:
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Listing Info

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Business Listed by

Cat Eckstaedt

Winmark Corporation
License# 1

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