Plato's Closet Reaches Milestone with 300th Franchise Location
Popular Resale Retail on Track to Open 35 Stores by the End of 2010
November 29, 2010 // Franchising.com // MINNEAPOLIS, Minn. – Plato's Closet®, the popular teen and twenty-something clothing retail concept that buys and sells gently used, name brand clothing, achieved a significant milestone with the opening of it's 300th franchise location. Andy, Rob and Stacy Deal, business partners and relatives, opened the location in Fort Smith, Ark.
"Plato's Closet clearly meets the needs of today's franchise investors and consumers," said Steve Murphy, president of franchising for Winmark Corporation, Plato's Closet's parent company. "Reaching this goal is a tribute to the brand's franchisees and our business model. We're connecting with consumers like no other resale retail concept can, providing access to today's sought after styles at a huge discount. "
Plato's Closet is the largest retailer of gently used clothing for teens and young adults in the United States and has no plans on slowing its rapid growth. The brand is and has been one of the fastest growing franchises over the last 10 years in North America and is currently on track to open 35 stores by the end of this year, with a similar number of stores in 2011 in key U.S. and Canadian markets.
Across its franchise system, Plato's Closet is experiencing double digit percentage sales increases, a trend that has continued throughout the past several years. As further evidence of its popularity with consumers, Plato's Closet is currently growing its inventory at a pace that eclipses last year by more than 10 percent. Plato's Closet purchased approximately 65 million pieces of quality used apparel and accessories in 2009.
"As we continue to move forward with our aggressive franchise development, our brand is providing a much needed resource for consumers as well as a fantastic business opportunity for entrepreneurs," said Murphy. "We look forward to offering even more North American consumers the chance to shop at Plato's Closet."
Plato's Closet's parent company, Winmark Corporation, also franchises similar resale retail concepts, including Play It Again Sports®, Once Upon A Child®, and Music Go Round®.
About Plato's Closet®
Plato's Closet® leads the nation in the buying and selling of name brand, gently used apparel & accessories for teens and twenty-somethings. There are over 290 franchised stores in the United States and Canada. We focus on the latest styles and hottest brands all in great condition. Plato's Closet is franchised by Winmark Corporation, which also franchises Play It Again Sports®, Once Upon a Child®, and Music Go Round®. For more information visit www.platoscloset.com.
About Winmark Corporation
Winmark Corporation, based in Minneapolis, creates, supports and finances business. Specializing in leasing and developing franchises for retail stores that buy, sell, and trade new and used merchandise, it is the parent company of Play It Again Sports®, Once Upon A Child®, Plato's Closet®, Music Go Round®, Wirth Business Credit®, Winmark Capital® and www.WBSOnline.com. Winmark has more than 900 franchise territories and is publicly traded at (NASDAQ=WINA). For more information visit www.winmarkcorporation.com.
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