Winmark Corporation is a prominent franchisor of value-oriented retail concepts focused on the resale of gently used merchandise. The company operates through five distinct brands: Plato's Closet (teen and young adult clothing and accessories), Once Upon A Child (children's clothing, toys, and equipment), Play It Again Sports (sporting goods and fitness equipment), Style Encore (women's and men's apparel), and Music Go Round (musical instruments and accessories). Winmark employs an asset-light business model, meaning it does not own or operate any of the retail locations itself. Instead, all of its more than 1,350 stores across the United States and Canada are independently owned and operated by franchisees.
The company generates revenue primarily through royalties based on franchisees' gross sales, which account for the vast majority of its income (e.g., over $76 million of its $86 million total revenue in 2025). Additional revenue streams include franchise fees, merchandise sales (such as point-of-sale hardware and certain products for Play It Again Sports), and a legacy equipment leasing business that is currently in run-off. Winmark's competitive position is strengthened by its "ultra-high-value" retailing niche, which appeals to cost-conscious and environmentally aware consumers by offering high-quality secondhand goods alongside limited new merchandise. The company's strong franchise renewal rates and consistent royalty growth underscore the resilience and profitability of its circular economy business model.
