Miami's Only Plato's Closet! Huge Growth Potential!

Miami, FL (Miami-Dade County)

Beautiful Location!
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Asking Price: Get Financing: $130,000

Cash Flow: N/A

Gross Revenue: $632,000



Inventory: N/A

Lease Rate: N/A /SF

Established: 2010

Miami's Only Plato's Closet! Huge Growth Potential!

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Business Description

Plato's Closet opened in the West Kendall area of Miami in November of 2010. The store immediately built a strong following and sales grew rapidly in the first three years. Unfortunately, personal issues have taken the franchisee away from the business and have prevented her from doing those things necessary to continue the growth of the previous years so the business is now for sale.

As a brand 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 system wide sales average across nearly 440 stores is just under $1M. 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!

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 nearly 440 locations and more opening every month, Plato’s Closet is the fastest growing franchise in the teen retail space.

If you're looking for a profitable business with a proven brand and the opportunity to hit the ground running - Plato's Closet Miami is for you!

Detailed Information

Included in asking price
Real Estate:
Building SF:
Lease Expiration:
12 part time
Just under 3,000 square feet in London Square Center. The center is less than 10 years old and is very well maintained. Each store is equipped with hurricane windows. There's adequate parking and lots of traffic! The Plato's Closet sign is visible from a very busy street so it stands out in the center. The anchor tenants include TJMaxx, Ross and Costco - all great traffic drivers for our customers base. This store is located between a Payless, Famous Footwear and Sally's Beauty Supply.
The closest resale store is Goodwill and they are more of a compliment than a competitor. There are some consignment stores in the area but our point of difference - paying our customers cash on the spot for their items - separates Plato's Closet from the consignment businesses. This is the only Plato's Closet location in the Miami area so much of the focus is on the customers in a 5 mile radius, however being situated in West Kendall allows this store to serve customers from Miami Beach to the Keys. This customer base will travel to shop this location.
Growth & Expansion:
There's tremendous potential which was obvious during the first few years this location was open and the owner was able to be engaged and involved in the store on a regular basis. This store will thrive with an active owner who is able to focus on this location. This will allow for additional training of staff which will improve the entire operation of the business and have an immediate impact on sales. An increased marketing effort is another area with huge upside. On a local level networking with the many large high schools in the area is a great way to directly connect to our core customer. From a social media perspective, a consistent presence on Facebook, Instagram, text messaging, Twitter and email campaigns can have an immediate impact. Vendors are available through the franchisor to manage these programs so the owner can focus on running the business! Demographically, the Latin community is a virtually untapped market. A focused approach to reaching this consumer could yield many new customers for years to come.
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. The franchisor may require an additional investment in working capital for initial operations.
Reason for Selling:
Family Obligations
This business is an established franchise
Business Website:
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Pete First

Business Listed By:
Pete First

Winmark Corporation

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