Forbes Magazine Names Plato's Closet a Top Franchise in America
Publication's First-Ever "Best and Worst in Franchising" List Ranks Plato's Closet as the Best Franchise among Chains with Entry Costs $150,001 - $500,000
June 25, 2014 // Franchising.com // MINNEAPOLIS - Plato's Closet®, a national franchise that focuses on buying and selling name brand, gently used clothing and accessories for teens and twenty-somethings, has earned the number one spot, when ranked against similarly priced franchises, on Forbes Magazine's Best and Worst in Franchising list.
The new list was created from performance and revenue metrics compiled and analyzed by FRANdata, a research and consulting firm that focuses on studying the comparative performance of franchise brands. FRANdata went through publicly available information on over 3,000 franchise brands and measured them according to three main criteria: five-year unit continuity rate, unit growth rate and franchisee support score. The franchisee support score is comprised of three categories that are important to prospective franchisees, including financing, marketing, and initial and ongoing operational support programs.
With a growth rate of 10 percent and continuity of 98 percent, as well as a franchisee support score of an 'A', Plato's Closet was ranked first among those chains with entry costs of $150,001 - $500,000.
"We are honored to be ranked by Forbes as the best franchise in America for our price range," said Steve Murphy, president of franchising for Winmark Corporation. "We could not have accomplished this without a passionate and dedicated team of employees and the best franchisees in North America. For us, the most important part of our job is setting our franchisees up for success and ensuring long-term growth through ongoing support."
Continued Murphy, "We also continue to be proud of our other successful resale brands and the track record we have established with each of them. Play It Again Sports®, Once Upon A Child® and Music Go Round® have been in business for over 20 years, and our newest brand, Style Encore®, a resale store for women, has started out of the gates extremely fast and is growing quickly across North America. We look forward to seeing all of those brands in Forbes listings in the future."
Plato's Closet is part of a unique national retail resale chain that buys and sells guys' and girls' name brand, gently used clothing and accessories, including: shoes, belts, purses, and jewelry, among other items.
The initial investment to open a Plato's Closet franchise typically ranges from $250,000 - $300,000. With nearly 400 locations throughout the United States and Canada, the company is currently targeting continued expansion in all markets in North America, with specific growth opportunities in Canada, the mid-Atlantic region, California, and the New England area.
Full results of the Forbes "best" and "worst" in franchising can be found at http://www.forbes.com/best-worst-franchises-to-buy/.
About Plato's Closet®
Plato's Closet® leads the nation in the buying and selling of name brand, gently used apparel and accessories for teens and twenty-something guys and girls. With more than 390 franchised stores in the United States and Canada, the retailer focuses 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®, Style Encore®, 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®, Style Encore®, Wirth Business Credit®, Winmark Capital® and www.WBSOnline.com. At March 29, 2014, there were 1,021 franchises in operation under the company's retail brands, as well as an additional 117 retail franchises that have been awarded but are not open. For more information visit www.winmarkcorporation.com.
SOURCE Plato's Closet®
For Plato's Closet
Director of Marketing