Anthony Moreland | Plato’s Closet | Warwick
The Pitch: We sell gently used teen and young-adult casual clothing.
Years in business: Two
Employees: 13
Cost to obtain franchise: $250,000 approximate investment
Before opening franchise: Moreland worked in retail at a ski shop on the West Coast.
Reason for opening: Seeking a new opportunity in consignment retail, Moreland decided to become a franchisee. Six months after marrying his wife in October 2014, they drove across the nation with no place to live to start Plato’s Closet here in Rhode Island.
“The draw for cash right on the spot is very appealing to our customers. We average about 70 consignments a day, with more than 500 people a week that we purchase from. We have tons of regulars, but every day we have multiple new people who hadn’t heard of us before and chose to come in for the first time.”
“We looked at many different models and types of franchises, but ultimately chose Plato’s Closet for its demographic – this concept works so well for young adults and teens in high school. Other franchises and stores use the same concept with other age ranges and avenues such as sports and furniture. It’s a perfect model because this age group always wants the latest trends.”
“The main thing we focus on is the style of the clothing. Our bestsellers are brand names like H&M, Pink by Victoria’s Secret, American Eagle, Forever 21, Nike, etc.”
“We pay cash for all of your gently used clothing items and then turn around and sell them up to 70 percent off the regular retail prices. There is no appointment needed, just drop the clothes off and after a brief wait time we present a cash offer that you can accept or reject.”