Popular Plato's Closet-Over 10K Facebook Followers! Memphis, TN

Memphis, TN (Shelby County)

Popular Plato's Closet-Memphis, TN!
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Asking Price: $210,000

Cash Flow: N/A

Gross Revenue: N/A

EBITDA: N/A

FF&E: N/A

Inventory: $105,000*

Rent: $10,827 /Month

Established: 2008

*not included in asking price.

Popular Plato's Closet-Over 10K Facebook Followers! Memphis, TN

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Business Description

This location is closest to the Unversity of Memphis, which has 21,000 students, and is located near several large middle and high schools. The store has a large base of loyal customers-over 10k Facebook followers. This is a great business opportunity with strong upside for future growth! This high-volume store has averaged over $900,000 in sales over the past 5 years. The store comes with the support of the franchisor-technology, marketing, and field operational resources.

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 business and financial model for this brand is unparalleled.

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

Detailed Information

Location:
Memphis, TN
Inventory:
Not included in asking price
Real Estate:
Leased
Building SF:
5,200
Lease Expiration:
N/A
Employees:
20
Facilities:
This store needs a brand refresh and remodel of the interior. The building is one of the older ones in the area, but all the electrical wiring was updated at the beginning of the lease. The store has 5,200 total square feet, with more than adequate selling space. There are 4 registers, and 6 large fitting rooms, and pletny of storage and office space.
Competition:
there are a total of 4 Plato's Closets in the Memphis DMA/Co-op-which is great brand recognition! There is very limited competition in the teen/young adult resale area. There is one resale store that is specific to women's clothing, 25 minutes from this store.
Growth & Expansion:
A plato's Closet in the Memphis market is well-poised to cater to the value-driven customer, looking for brand names on their budget. The average income levels support a need for this type of business and is "recession-proof" in the Plato's Closet is successful when the economy is doing well or not. The most immediate impact to increasing sales is having a local owner with a full-time presence and a hands-on management approach. Opportunities also exist in increasing local store marketing and community events targeting middle schools, high schools, and colleges will bring new customers and increase top line sales.
Support & Training:
Training is required and provided by franchisor after purchase of the 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:
Lack of time to dedicate to the business
Franchise:
This business is an established franchise
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Cat Eckstaedt

Business Listed By:
Cat Eckstaedt

Winmark Corporation

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