Established, Profitable Plato's Closet with Great Growth Potential!

Dedham, MA (Norfolk County)

Well organized and stocked with Inventory.  Ready for new owner!

Asking Price:$100,000

Cash Flow:N/A

Gross Revenue:N/A

EBITDA:N/A

FF&E:$148,000

Inventory:$55,000

Established:2013

Established, Profitable Plato's Closet with Great Growth Potential!

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Business Description

Plato's Closet opened in Dedham in September of 2013. The current franchisee has established a good foundation of local marketing in the community and the customer base is still in the process of growing. Plato's Closet customers are loyal and typically visit the store many times each week because the inventory changes every day. The foundation for growth is established and ready for a new owner to expand and build upon. With system average gross sales for Plato's Closet just over $1M, there's plenty of opportunity with this location.

Plato’s Closet offers a unique retail franchise opportunity, as it is the leading national teen retail store of its kind to offer buying and selling of the name brand gently used teen apparel and accessories.

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 more than 450 locations and more opening every month, Plato’s Closet is the fastest growing franchise in the teen retail space. Acquiring this existing location requires a fraction of the time and investment needed to start a new store from scratch.

If you are looking for an opportunity to build your own team, grow sales and operate a business that is a lot of fun - Plato's Closet in Dedham is worth checking out!

Detailed Information

Inventory:
Included in asking price
Employees:
8 PT
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
This store has 3435 square feet in an open lay out and is located in a popular destination shopping center – Dedham plaza. The center is adjacent to Legacy Place where it attracts thousand customers from west, north suburb of greater Boston each day and includes tenants such as LL Bean, J crew, Banana Republic and Uniqlo with many additional stores and restaurants in the area. The store has all the newest fixtures and lighting. The interior is a well designed, neat and clean layout. Ample parking share with other stores. The property was newly remodeled on 2013 which included a new wall, open ceiling, new AC, duct and furnace. The lease is very favorable to the tenant and runs through 2017 with option to renew.
Competition:
There are few general resale store in greater Boston area but there is nothing in the Dedham area that focuses on the Plato’s Closet teen and young adult resale customer.
Growth & Expansion:
There are a number of things a new owner can do which should have an impact on top line sales including: 1. Inventory management - there are opportunities to purchase more inventory from the customers on a daily basis. The new computer system, Winmark Remote, will provide the buyer with many tools to manage inventory more effectively as well as focus on key categories, tops sellers and more which will ultimately create more sales on the floor. 2. Local marketing can be expanded to areas such as Westwood, Norwood and other southeast communities. This could potentially double the current customer base. 3. Continue invest on marketing efforts. There are two new Plato's Closet locations opening up in the Boston area so there is now an opportunity for co-op advertising, increased customer awareness and sale promotions. 4. Staffing - there are opportunities to provide additional training for the current staff to help retain employees and improve the buying and selling process. There is a good team in place but they need leadership and incentives to reach sales goal for each month.
Support & Training:
Training provided and required by franchisor upon transfer. On-going support in advertising, merchandising, financial and inventory management, social media training and more provided by franchisor through field visits, regional meetings and national franchisee conferences.
Reason for Selling:
Relocation
Franchise:
This business is an established franchise
Business Website:
http://www.platosclosetdedham.com

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Pete First

Business Listed By:
Pete First

Winmark Corporation

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