Well Established, High Volume Plato's Closet Franchise

Chicago, IL (Cook County)

Clean, Organized and Loaded with Great Inventory!

Asking Price:$210,000

Cash Flow:N/A

Gross Revenue:$965,000

EBITDA:N/A

FF&E:$107,000

Inventory:$80,000

Rate/Sq. Ft.:N/A

Established:2004

Well Established, High Volume Plato's Closet Franchise

Get Financing Save Print Share Valuation Report

Business Description

Asking price for the store is $210,000 which includes $80,000 in inventory.

This is an opportunity to own a turn-key franchise with one of the nation’s premier retail brands. With 18 stores across Illinois and nearly 440 in North America the name recognition is excellent. Plato's Closet was recently named the Top Retail Franchise in the $150,000 - $500,000 investment range by Forbes Magazine. As such, 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. This is an excellent opportunity to acquire an existing business and hit the ground running.

Plato's Closet offers a truly unique retail franchise opportunity, as it is the leading national teen retail store of its kind -- focusing on the buying and selling of gently used, brand-name apparel and accessories for girls and guys! Plato's Closet has over 400 store locations throughout North America, and that number continues to grow.

Our stores fill a distinct niche in the retail marketplace. We are the leading national resale business that specializes in the teen and twenty something market group. The wish list for trendy, brand-name apparel and the availability of it in virtually every teen's closet presents fantastic opportunities for both franchise owners and customers alike.

Just purchased state of the art seller check in kiosk. System accompanies big screen monitor with buy que and advertisements and is integrated with text and email programs. Overwhelming positive customer response that reduces employee and owner labor while enhancing advertising touch points and customer engagement.

This an excellent opportunity to acquire an existing business with a proven brand and support in place to hit the ground running. Plato's Closet in Lincoln Park is worth checking out!

Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building Sq. Ft.:
5,030
Lease Expiration:
10/21/2017
Employees:
12 - 2FT, 12PT
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
This store relocated to a larger space in August 2012 so 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. This location is in a very busy six comer area of Broadway, Clark & Diversey. Business such as; Noodles, Chipotle, Walmart grocery store, Stan Donuts, AMC Movie Theatre, nail salons, Walgreens and much more. Store is located one block away from Century Mall and 2.7 miles from Water Tower shopping center with high traffic and great tenants.
Competition:
Only one competitor in the area - Crossroad Trading Co - however they don't accept all seasons, they're in a smaller location and they have a large focus on very high end (Gucci, Prada, Tory Burch, etc.) which is not our target.
Growth & Expansion:
Opportunities exist in marketing by fostering rapport in the community through events at the neighboring schools, colleges and middle school to reach out to the target audience and stay top of mind. Mall visits are another great tool to reach our customers, improve inventory and ultimately stay stocked with a better selection of the hottest styles. Social media and digital advertising is another avenue to reach customers that can be expanded greatly with a focus on one location versus multiple. Targeted messages to the customers within the designated area on a consistent basis will yield results. Additional management training and hands-on owner focused only on this location would provide a quick and positive impact on sales. Winmark Corporation, the franchisor for Plato’s Closet is located in Minneapolis so the team could attend additional training sessions which are held on a monthly basis. The buyer will inherit an email subscriber list of 9100 active contacts, recently started 9076 text contacts and Facebook fans. There are also many businesses and schools in the area that provide an opportunity for enhanced and targeted marketing (such as speaking and fashion show opportunities at local high schools & colleges) Consistent owner presence that provides continual feedback.
Support & Training:
Training required and provided by franchisor after purchase of store is completed. On-going franchisor support includes advertising, marketing, merchandising, inventory and financial management. Additional training and education opportunities available at the annual franchisee conference, trade show and regional meetings. In store support through Field Operations Managers bi-yearly visits. Additional visits are possible if requested. Franchisor may require an additional investment in working capital and brand standard upgrades.
Reason for Selling:
Multi-Store owner, Partner Retiring so downsizing.
Franchise:
This business is an established franchise
Business Website:
http://www.platosclosetlincolnpark.com

Listing Statistics for Premium Members

Ad#:1315681 Report an issue with this listing

The information in this listing has been provided by the business seller or representative stated above. BizBuySell has no stake in the sale of this business, has not independently verified any of the information about the business, and assumes no responsibility for its accuracy or completeness.
Read BizBuySell's terms & conditions before responding to any ad.

Contact the Seller

(from currently available funds)
 
Sign up for the BuyerNewsletter.
Learn to use your IRA/401K to buy a business: Guidant Financial (min. $50K needed in IRA/401K)
Contact Seller Loading

Pete First

Business Listed By:
Pete First

Winmark Corporation

Show Phone Number

View My Listings

Find out more...

Get more details about this business.


Similar Listings