Winmark Corporation

What Winmark Corporation does

Winmark Corporation (NASDAQ: WINA) is a Minneapolis-based public franchisor founded in 1988 that operates five resale retail brands across more than 1,383 franchise locations in North America: Plato's Closet (teen/young adult apparel), Once Upon A Child (children's items), Play It Again Sports (sporting goods), Style Encore (women's apparel), and Music Go Round (musical instruments). The company is incorporated in Minnesota and was added to the S&P SmallCap 600 index in January 2026, reflecting its established market position after more than 35 years of operation.

The business model is royalty-driven: in FY2025, royalty income of $76.35 million represented approximately 88.7% of total revenue of $86.06 million, with the balance generated from initial franchise fees, merchandise sales, point-of-sale system fees, and a separate equipment leasing business operated through Winmark Capital. Franchisees invest between $256,000 and $395,000 per location and receive business plan guidance, site selection, training, store design, inventory management support, and access to proprietary computer systems and multi-channel e-commerce platforms. New recurring revenue streams include a $295 per-store monthly POS software fee (effective September 2026) and a 6%-of-sales North American advertising fund for Plato's Closet franchisees (effective April 2026).

Winmark's distribution is built on a deeply embedded physical retail network that has collectively recycled approximately 2.18 billion items since 2010 and generated $1.6 billion in system-wide sales. The company has cultivated an ecosystem of 'Official Resale Partner' alliances with major manufacturers including CCM Hockey, Rawlings, Easton, Elan, Roland, BOSS, STX, and USA Hockey, along with an athlete ambassador program ('Part of Their Journey'). Financially, the company delivered 5.9% revenue growth and 4.3% net income growth in FY2025, has paid dividends for 17 consecutive years, and operates with corporate support staff of 51-100 employees at its Minneapolis headquarters.

Name

Winmark Corporation

Legal name

Winmark Corporation

Website

https://winmarkcorporation.com

Company type

Public

Founded year

1988

Operating status

Operating

Headcount range

51–100 employees

Short description

Winmark Corporation (NASDAQ: WINA) is a Minneapolis-based franchisor of five resale retail brands—Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round—operating more than 1,383 franchise locations across North America and earning primarily through royalties on franchisee sales.

Ownership category

akta.pro rank

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Franchise Royalties: Winmark earns royalty income from its franchised stores. For fiscal year 2025, royalty income was $76.35 million out of total revenue of $86.06 million. Royalties are based on franchisee sales.
2. Franchise Fees and Merchandise: Winmark sells merchandise and point-of-sale systems to franchisees. The company also generates revenue from initial franchise fees and ongoing software fees.
3. Equipment Leasing Business: Winmark operates a middle-market equipment leasing business, generating additional revenue streams through equipment financing.

Pricing tiers

Distribution channels6 records

Marketing channels5 records

Core offering

Winmark Corporation is a franchisor that develops, supports and licenses five resale retail brands—Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore and Music Go Round—through 1,383 franchise stores in North America. It earns royalty income from franchisees (FY2025: $76.35 million of $86.06 million total revenue) and also operates Winmark Capital, a middle-market equipment leasing business. Franchise support includes business plan guidance, site selection, training, store design, proprietary POS systems and e-commerce platforms.

Product overview

Winmark Corporation operates as 'The Resale Company,' a franchisor of five distinct resale retail brands. The company provides franchise opportunities for buying and selling gently used products across different categories: clothing (Plato's Closet for teens/young adults, Once Upon A Child for children's items, Style Encore for women's apparel), sporting goods (Play It Again Sports), and musical instruments (Music Go Round). Winmark supports its franchisees with business plan guidance, site selection, training, store design, inventory management, proprietary computer systems, and marketing materials. The company also offers multi-channel sales strategies including e-commerce capabilities for each brand.

Differentiator

Problem solved

Functional benefit

Brands

• Plato's Closet: Buy and sell gently used brand name clothing and accessories for teens and young adults.
• Once Upon A Child
• Play It Again Sports
• Style Encore
• Music Go Round

Products and services

• Plato's Closet Franchise resale brand for buying and selling gently used brand-name clothing and accessories for teens and young adults; one of Winmark's five resale franchise brands with a #1 ranking in its category in Entrepreneur Magazine's Franchise 500 for over a decade.
• Once Upon A Child Franchise resale brand for buying and selling gently used children's clothing, toys, furniture and accessories; ranked #1 in its category in Entrepreneur Magazine's Franchise 500 for over a decade.
• Play It Again Sports Franchise resale brand for buying, selling and trading quality used and new sporting goods and fitness equipment; supports multi-channel sales strategies including social selling and proprietary e-commerce platforms. Active partnerships with CCM Hockey, Rawlings, Easton, Elan, STX, Innova and Impex/Marcy.
• Style Encore Franchise resale brand for buying and selling gently used casual and business apparel and accessories for women (also accepting men's clothing and shoes).
• Music Go Round Franchise resale brand for buying, selling and trading quality used and new musical instruments and equipment; partnerships include Roland, BOSS and Breedlove Guitars as Official Resale Partners.
• Winmark Capital Equipment Leasing Middle-market equipment leasing business operated as Winmark Capital, generating revenue through equipment financing for small and mid-sized businesses across the U.S.

Quantifiable outcome

• Over 300,000 hockey equipment trade-ins facilitated through CCM partnership
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• CCM Hockey (Sport Maska Inc.)coreGTM or Marketing Partner · 24 June 2026Three-year extension of strategic resale partnership through 2029. Since launching in 2023, Play It Again Sports locations have facilitated more than 300,000 hockey equipment trade-ins, enabling families to buy and sell CCM gear at reduced prices. Partnership aims to improve affordability and extend the lifecycle of hockey equipment while supporting sustainability in hockey communities across North America.
• Athlete Partners (Megan Keller, Abbey Murphy, Daxon Rudolph)minorGTM or Marketing Partner · 26 March 2026New class of athlete partners for the 'Part of Their Journey' marketing campaign. Megan Keller, Abbey Murphy, and Daxon Rudolph join as ambassadors. Campaign emphasizes access to affordable, high-quality sports gear through resale as youth sports costs continue to rise.
• USA HockeycoreGTM or Marketing PartnerOfficial Resale Partner of USA Hockey and official partner of the organization. Winmark and its brands deepen their connection to local communities across the country and expand their commitment to growing the game of women's hockey.
• Blake BoldenminorGTM or Marketing PartnerWinmark and Play It Again Sports partnered with Blake Bolden, a trailblazer in women's hockey who competed in the NWHL and is a current scout for the Los Angeles Kings, to sponsor her inspiring girls mentorship program.
• Tom HogeminorGTM or Marketing PartnerWinmark and its resale retail brands partnered with PGA professional Tom Hoge. Tom's first experience with Play It Again Sports was as a young athlete looking for used baseball gear. Partnership united in supporting local communities and entrepreneurs.
• Rawlings & EastoncoreGTM or Marketing PartnerFirst-of-its-kind partnership with Rawlings Sporting Goods, makers of iconic baseball and softball gear, and Easton bats. Winmark and Play It Again Sports are the Official Resale Partner of Rawlings and Easton, working together to help players extend the life of their equipment and reduce environmental impact.
• ElancoreGTM or Marketing PartnerWinmark and Play It Again Sports partnered with Elan, the definitive brand delivering unparalleled skiing experiences, as the Official Resale Partner of Elan. Partnership dedicated to circularity and sustainable business practices, helping skiers extend equipment life and reduce waste.
• Innova Disc GolfcoreGTM or Marketing PartnerWinmark partnered with Innova, the technological originator and pacesetter in Disc Golf, as its Official Resale Partner. Partnership helps extend the life of used disc golf equipment across North America through more than 280 Play It Again Sports franchise locations.
• Roland & BOSScoreGTM or Marketing PartnerWinmark and Music Go Round partnered with Roland Corporation, creator of iconic electronic musical instruments, and BOSS, a leader in creative tools for guitarists and vocalists, as the Official Resale Partners of Roland and BOSS. Partnership helps musicians extend the life of their instruments and equipment while deepening dedication to circularity.
• STXcoreGTM or Marketing PartnerWinmark and Play It Again Sports are the Official Resale Partner of STX, the leading sporting goods manufacturer specializing in lacrosse equipment with a history spanning more than five decades. Partnership advances circularity, extends the life of lacrosse equipment and grows the game in local communities.
• Impex & MarcycoreGTM or Marketing PartnerWinmark and Play It Again Sports are the Official Resale Partner of Impex, Inc, the industry leader in fitness manufacturing for more than four decades with brands such as Marcy, Steelbody, and Bionic Body. Partnership focuses on extending the life of fitness gear and expanding accessibility of home gym equipment.
• Breedlove GuitarscoreGTM or Marketing PartnerWinmark and Music Go Round are the Official Resale Partner of Breedlove Guitars, a pioneer in responsible guitar making recognized for its commitment to craftsmanship, innovation, and environmental responsibility. Partnership helps musicians extend the life of their instruments and expands accessibility of Breedlove Guitars.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Inspire Brands: Private multi-brand restaurant franchisor (Arby's, Buffalo Wild Wings, Sonic, Dunkin', Baskin-Robbins). Demonstrates the scale and capital-light economics achievable by a multi-brand franchise platform, though in the restaurant category.
• Yum! Brands: NYSE-listed QSR multi-brand franchisor (KFC, Taco Bell, Pizza Hut). Analogous franchise-royalty business model at much larger scale, illustrating how Winmark's royalty economics could mature with brand proliferation.
• Driven Brands: NYSE-listed multi-brand franchisor of automotive services (Take 5, Maaco, Meineke, CARSTAR). Closely comparable capital-light franchise holding-company structure with recurring royalty revenue, despite operating in a different end market.

Direct peers

• ThredUp: NASDAQ-listed online apparel resale platform. Competes for the same budget-conscious and sustainability-minded consumer as Plato's Closet and Style Encore, but via a centralized online marketplace model rather than franchised retail.
• Savers Value Village: NYSE-listed thrift and resale retailer operating Value Village and Savers stores across North America. Most directly comparable large-scale physical resale operator, though Winmark is a franchisor with smaller, locally owned stores while Savers is a corporate chain.
• Poshmark: Peer-to-peer online resale marketplace (now owned by Naver). Competes head-to-head with Winmark's brands for the same secondhand-apparel consumer, though via social/marketplace UX rather than physical stores.
• The RealReal: NASDAQ-listed online luxury consignment and resale platform. Comparable business model of intermediating secondhand goods transactions, though focused on higher-end apparel/accessories versus Winmark's mass-market resale.

Emerging players

• GameStop: NYSE-listed specialty retailer with a significant used-game and trade-in business. Tangentially comparable as a resale-driven retailer, though focused on video games and collectibles rather than apparel, toys, or sporting goods.
• Franchise Brands plc: AIM-listed UK multi-brand franchisor (Vodafone, ChipsAway, Ovenclean, Barking Mad). Comparable diversified franchise-holding model at much smaller scale, providing a read on how multi-brand franchisors scale internationally.

Regional players

• CEX (Complete Entertainment Exchange): UK-based chain buying and selling used electronics, gaming, and entertainment products. Comparable buy-sell-trade retail model, though UK-focused with no overlap in Winmark's North American footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat1 record

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/winmark-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Winmark Corporation