Demand for resale continues to fuel Plato’s Closet expansion as it opens its 500th location in Windsor, Ontario.
The retailer, which specialises in used apparel and accessories for teens and young adults, is a subsidiary of Minneapolis-based Winmark Corp., which also owns and franchises Play It Again Sports, Once Upon A Child, Style Encore and Music Go Round.
Since 2016, the resale sector grew 21 times faster than its traditional retail counterpart — and its growth doesn’t appear to be slowing any time soon, according to a report by Winmark. Now a $24bn market, resale is projected to more than double in the next five years, reaching $51bn in revenue by 2024. (Apparel concepts make up 50 per cent of resale’s market share, but the segment also includes businesses reselling quality used products such as musical instruments, sports gear, furniture and home goods.)
“500 Plato’s Closet locations is a huge accomplishment and a testament to our collective efforts with our franchise partners, their employees, and the team at Winmark to achieve this milestone,” said Renae Gaudette, COO. “To see the impact that this brand has had on our franchise partners and their communities is inspiring.”
