Home / Knowledge / News / Apparel/Garments / Forbes names Plato's Closet as America's top franchise
Forbes names Plato's Closet as America's top franchise
20
Jun '14
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.
 

Plato's Closet

Must ReadView All

Courtesy: Messe Frankfurt

Textiles | On 24th Mar 2017

Over 3341 exhibitors participate in Intertextile Shanghai

More than 3,341 exhibitors from 26 countries and regions participated ...

Courtesy: Bebe

Apparel/Garments | On 24th Mar 2017

Bebe Stores exploring strategic alternatives

Bebe Stores has announced that its board of directors is exploring...

Apparel/Garments | On 24th Mar 2017

Tiruppur garment cluster hopeful of meeting export target

The Tirupur garment cluster is hopeful of meeting its target of...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search