Winmark Corporation (WINA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du franchisage de détail, Winmark Corporation (WINA) se démarque comme une puissance innovante, transformant la façon dont les consommateurs achètent et les entrepreneurs créent des entreprises. Avec une approche unique qui mélange la durabilité, l'abordabilité et le développement de franchise stratégique, Winmark a créé un modèle commercial remarquable qui s'étend sur plusieurs marques de vente au détail de revente comme Play It Again Sports, Once Upon a Child et le placard de Platon. Leur stratégie ingénieuse offre non seulement aux consommateurs soucieux du budget des options d'achat abordables, mais offre également aux entrepreneurs en herbe une voie à faible coût vers la propriété d'entreprise, ce qui en fait une étude de cas fascinante dans l'entrepreneuriat de la vente au détail moderne.

Winmark Corporation (WINA) - Modèle d'entreprise: partenariats clés

Partenaires de franchise

Winmark Corporation opère à travers 5 marques de franchise de vente au détail distinctes:

Marque de franchise	Nombre de magasins	Total des franchisés
Revenez à nouveau sport	290	285
Il était une fois un enfant	385	378
Placard de Platon	525	510
Rappel de style	135	130
La musique va	65	60

Équipement de vente au détail et fournisseurs d'inventaire

Les fournisseurs clés comprennent:

• Distributeurs nationaux de vêtements en gros
• Fabricants d'équipements de produits de sport
• Réseaux d'acquisition de marchandises d'occasion

Partenaires de développement de franchise

Winmark collabore avec:

• Cabinets de conseil en franchise
• Courtiers immobiliers commerciaux
• Agences de développement commercial

Partenaires technologiques

Catégorie de technologie	Fournisseur	Statut d'implémentation
Système de point de vente	NCR Corporation	Déploiement complet
Logiciel de gestion de franchise	Solutions de cloud de franchise	Implémentation active
Suivi des stocks	Salesforce	Système intégré

Partenariats immobiliers commerciaux

Mesures immobilières clés:

• Taille moyenne du magasin: 3 500 pieds carrés
• Terme de location typique: 5-7 ans
• Focus de l'emplacement primaire: centres commerciaux et centres de vente au détail

Winmark Corporation (WINA) - Modèle d'entreprise: activités clés

Développement et gestion de franchise

Winmark Corporation gère 5 marques de franchise de détail distinctes à partir de 2024:

• Revenez à nouveau sport
• Il était une fois un enfant
• Placard de Platon
• Rappel de style
• La musique va

Marque	Total franchises	Investissement moyen de franchise
Placard de Platon	525 emplacements	$193,500 - $385,500
Il était une fois un enfant	385 emplacements	$193,500 - $385,500
Revenez à nouveau sport	310 emplacements	$193,500 - $385,500

Licence et expansion de la marque

Total des revenus de la franchise de Winmark en 2023: 21,4 millions de dollars

Taux de redevance de franchise: 4 à 6% des ventes brutes

Création et optimisation du concept de magasin de détail

Taille moyenne du magasin: 3 500-4 500 pieds carrés

Concept de magasin Investissement de développement: environ 250 000 $ par concept de marque

Programmes de formation et de soutien à la franchise

Composant de formation	Durée	Coût
Formation initiale sur la franchise	1 semaine	Inclus dans les frais de franchise
Soutien continu	Continu	Couvert de frais de redevance

Acquisition de marchandises de revente et contrôle de la qualité

Volume de marchandises de revente annuelle: 150 millions de dollars estimés dans toutes les marques

• Taux de rejet du contrôle de la qualité: moins de 15%
• Plage de prix moyen des articles: 8 $ - 75 $

Winmark Corporation (WINA) - Modèle d'entreprise: Ressources clés

Marques de franchise de vente au détail établie

Winmark Corporation exploite cinq marques de franchise de détail distinctes:

• Jouez à Again Sports (Sporting Goods Resale)
• Il était un enfant (revente des vêtements pour enfants)
• Platon's Closet (Resale pour adolescents / jeunes adultes)
• Music Go Round (Resale des instruments de musique)
• Encore de style (Resale des vêtements pour femmes)

Marque	Total des magasins (2023)	Contribution des revenus
Revenez à nouveau sport	293	32%
Il était une fois un enfant	385	28%
Placard de Platon	472	25%
La musique va	126	7%
Rappel de style	98	8%

Expertise opérationnelle de franchise

L'expertise opérationnelle de la franchise de Winmark est démontrée:

• La rentabilité moyenne du magasin de franchise: 486 000 $ de revenus annuels par magasin
• Équipe de support de franchise: 87 employés des entreprises dédiés au développement de franchise
• Programmes de formation en franchise: Programme complet de formation initiale de 4 semaines

Infrastructure de soutien à la franchise centralisée

Fonction de support	Ressources allouées
Soutien marketing	Budget annuel de 3,2 millions de dollars
Infrastructure technologique	Investissement annuel de 1,8 million de dollars
Développement de franchise	Budget opérationnel de 2,5 millions de dollars

Relations solides avec les propriétaires de franchises

Mesures clés:

• Taux de rétention moyen du propriétaire de la franchise: 92%
• Propriétaires de franchise multi-unités: 38% du total des franchisés
• Durée moyenne de la propriété de la franchise: 7,3 ans

Systèmes de développement de franchise propriétaires

Les systèmes propriétaires de Winmark comprennent:

• Logiciel de gestion de franchise propriétaire
• Algorithmes de sélection de sites personnalisés
• Plateforme de recrutement franchisée exclusive

Système	Investissement	Année de mise en œuvre
Logiciel de gestion de franchise	1,2 million de dollars	2021
Algorithme de sélection du site	$750,000	2022

Winmark Corporation (WINA) - Modèle d'entreprise: propositions de valeur

Opportunités d'entreprise entrepreneuriales à faible coût

Winkmark Corporation franchises 5 marques de vente au détail avec des frais de franchise initiaux moyens de 19 500 $. Total des emplacements de franchise en 2023: 1 283 magasins sur plusieurs marques.

Marque de franchise	Nombre d'emplacements	Investissement initial moyen
Revenez à nouveau sport	544	$195,000 - $385,000
Il était une fois un enfant	385	$175,000 - $350,000
Rappel de style	137	$180,000 - $365,000
La musique va	117	$185,000 - $370,000
Placard de Platon	500	$200,000 - $420,000

Modèles commerciaux de vente au détail de revente éprouvés

2023 La performance financière démontre un modèle commercial robuste:

• Revenu total: 76,4 millions de dollars
• Revenu net: 16,7 millions de dollars
• Revenus de redevances de franchise: 22,3 millions de dollars

Approche des achats et de l'économie circulaire durables

Métriques d'impact environnemental pour 2023:

• Articles estimés Resound: 45,6 millions
• Les déchets approximatifs détournés des décharges: 68 400 tonnes
• Réduction des émissions de carbone équivalent: 205 200 tonnes métriques

Sélection localisée des marchandises

Le mélange de marchandises varie selon l'emplacement, avec des stocks moyens des magasins allant de 75 000 $ à 125 000 $.

Alternative abordable aux achats de vente au détail traditionnels

Comparaison des prix pour les articles de revente:

Catégorie	Prix ​​en détail	Prix ​​de revente	Pourcentage d'épargne
Équipement sportif	$200	$80	60%
Vêtements pour enfants	$50	$15	70%
Instruments de musique	$500	$200	60%

Winmark Corporation (WINA) - Modèle d'entreprise: relations clients

Soutien et formation du propriétaire de la franchise

Winmark Corporation fournit un soutien complet à ses propriétaires de franchises sur plusieurs marques de vente au détail:

Catégorie de support	Détails
Heures de formation annuelles	120 heures par emplacement de franchise
Formation initiale sur la franchise	Programme intensif de 2 semaines
Ressources de soutien en cours	Accès à la plate-forme numérique 24/7

Engagement client direct dans les magasins locaux

Les marques de Winmark se concentrent sur les interactions personnalisées des clients:

• Temps d'interaction du client moyen: 22 minutes par visite en magasin
• Taux de satisfaction du service client: 94,3%
• Formation du personnel à la gestion de la relation client: ateliers trimestriels

Expérience client en ligne et en magasin

Canal	Métrique
Engagement de la plate-forme en ligne	3,2 millions de visiteurs mensuels uniques
Téléchargements d'applications mobiles	487 000 utilisateurs actifs
Valeur de transaction en ligne moyenne	$87.50

Fidélité et programmes clients répétés

Winmark met en œuvre des initiatives stratégiques de rétention de la clientèle:

• Adhésion au programme de fidélité: 672 000 membres actifs
• Taux client répété: 62,7%
• Valeur à vie moyenne du client: 1 340 $

Approche de vente au détail axée sur la communauté

Métrique de l'engagement communautaire	Données annuelles
Événements communautaires locaux parrainés	328 événements
Investissement total de la communauté	1,2 million de dollars
Partenariats de bienfaisance locaux	47 partenariats actifs

Winmark Corporation (WINA) - Modèle d'entreprise: canaux

Franchisés de détail

Winmark Corporation exploite 1 237 emplacements de franchise au total sur 5 marques de vente au détail au quatrième trimestre 2023:

Marque	Nombre de magasins
Revenez à nouveau sport	545
Il était une fois un enfant	372
Rappel de style	146
La musique va	101
Placard de Platon	73

Plateformes de marché en ligne

Les marques de franchise de Winmark maintiennent des plateformes de commerce électronique actives avec la portée numérique suivante:

• Jouez à nouveau Sports Online Marketplace génère 12,4 millions de dollars de revenus numériques annuels
• Once Upon a Child Digital Platform traite 37 500 transactions en ligne mensuelles
• La plate-forme en ligne de placard de Platon attire 215 000 visiteurs mensuels uniques

Sites Web de développement de franchise

Winmark Corporation maintient des sites de recrutement de franchise spécialisés avec les mesures suivantes:

• 182 000 visiteurs annuels de site Web annuel pour les opportunités de franchise
• 4 721 Soumissions de demande d'informations sur la franchise en 2023
• 65 000 $ de dépenses de marketing numérique moyen par site de développement de franchise

Marketing des médias sociaux

Performance de la chaîne de médias sociaux pour les marques de franchise de Winmark:

Plate-forme	Total des abonnés	Taux d'engagement
Facebook	412,000	3.2%
Instagram	276,000	4.1%
Tiktok	89,000	5.7%

Événements de recrutement de franchise

Statistiques sur l'événement de développement de la franchise de Winmark pour 2023:

• 43 Événements de recrutement de franchise totale réalisées
• 1 287 interactions potentielles du franchisé
• 420 000 $ Total des frais de marketing et de participation à l'événement
• 87 Nouveaux accords de franchise signés via les canaux d'événement

Winmark Corporation (WINA) - Modèle d'entreprise: segments de clientèle

Consommateurs soucieux du budget

Winmark Corporation cible les consommateurs à la recherche d'options de vente au détail abordables grâce à ses marques de franchise. Au quatrième trimestre 2023, la société exploite 1 286 magasins de franchise au total dans plusieurs concepts de vente au détail.

Concept de vente au détail	Nombre de magasins	Fourchette de prix moyenne
Revenez à nouveau sport	542	$10 - $300
Il était une fois un enfant	385	$2 - $150
Rappel de style	218	$5 - $250
La musique va	141	$25 - $500

Les personnes entrepreneuriales recherchent la propriété d'entreprise

Winmark soutient les opportunités de franchise avec un Modèle d'investissement initial faible.

• Gamme de frais de franchise: 19 500 $ - 249 500 $
• Investissement initial total: 94 553 $ (médiane à travers les marques)
• Taux de réussite de la franchise: 92% de survie des magasins après 5 ans

Acheteurs soucieux de l'environnement

Le modèle commercial de revente de Winmark soutient les principes de l'économie circulaire.

Impact environnemental	Métrique annuelle
Articles de vêtements Resouade	3,2 millions
Articles de sport recyclés	1,7 million
Réduction estimée en CO2	48 000 tonnes métriques

Parents et familles à la recherche de produits abordables

Les marques Enfant Enfant Enfant et Style de Winmark ciblent spécifiquement les consommateurs de famille.

• Épargnes familiales moyennes: 70% par rapport aux prix de détail
• Segment du marché des vêtements pour enfants: 35,2 milliards de dollars
• Taux client répété: 64%

Consommateurs de vente au détail axés sur la valeur

Le modèle de revenus de Winmark se concentre sur les segments de consommateurs axés sur la valeur.

Métrique financière	Valeur 2023
Revenus totaux	76,4 millions de dollars
Revenus de redevances de franchise	34,2 millions de dollars
Revenu net	21,7 millions de dollars

Winmark Corporation (WINA) - Modèle d'entreprise: Structure des coûts

Soutien et frais de développement de la franchise

Pour l'exercice 2023, Winmark Corporation a signalé des frais de soutien et de développement de franchise de 4,2 millions de dollars. Ces coûts comprennent:

• Processus d'intégration de la franchise
• Infrastructure de soutien continue
• Initiatives régionales de développement de la franchise

Catégorie de dépenses	Coût annuel
Franchisé à bord	1,3 million de dollars
Systèmes de support de franchise	2,1 millions de dollars
Développement régional	$800,000

Coûts de marketing et de gestion de la marque

Les dépenses de marketing pour Winmark Corporation en 2023 ont totalisé 3,7 millions de dollars, distribué sur plusieurs marques.

• Campagnes publicitaires nationales
• Stratégies de marketing numérique
• Initiatives de positionnement de la marque

Canal de marketing	Dépenses annuelles
Marketing numérique	1,5 million de dollars
Publicité traditionnelle	1,2 million de dollars
Développement	1 million de dollars

Investissements technologiques et infrastructures

Les investissements technologiques pour 2023 se sont élevés à 2,9 millions de dollars, en se concentrant sur les systèmes de gestion des franchises et les plateformes numériques.

• Développement de logiciels
• Infrastructure informatique
• Améliorations de la cybersécurité

Zone d'investissement technologique	Dépenses annuelles
Développement de logiciels	1,4 million de dollars
Infrastructure informatique	$900,000
Cybersécurité	$600,000

Offres opérationnelles pour le siège social de l'entreprise

Les frais généraux des entreprises pour 2023 s'élevaient à 5,6 millions de dollars.

• Salaires administratifs
• Entretien d'installation
• Dépenses opérationnelles

Catégorie aérienne	Coût annuel
Salaires administratifs	3,2 millions de dollars
Dépenses de l'installation	1,4 million de dollars
Coûts opérationnels divers	1 million de dollars

Formation en franchise et frais de recrutement

Les frais de formation et de recrutement pour 2023 se sont élevés à 1,8 million de dollars.

• Programmes de formation des propriétaires de franchises
• Marketing de recrutement
• Processus d'intégration

Zone de formation et de recrutement	Dépenses annuelles
Programmes de formation	1,1 million de dollars
Marketing de recrutement	$400,000
Processus d'intégration	$300,000

Winmark Corporation (WINA) - Modèle d'entreprise: Strots de revenus

Frais de franchise et redevances

En 2023, Winmark Corporation a généré des frais de franchise et des redevances sur ses cinq marques:

Marque	Frais de franchise	Pourcentage de redevances
Revenez à nouveau sport	$20,000 - $35,000	5-6%
Il était une fois un enfant	$20,000 - $35,000	5-6%
Rappel de style	$20,000 - $35,000	5-6%
La musique va	$20,000 - $35,000	5-6%
Placard de Platon	$20,000 - $35,000	5-6%

Ventes de marchandises dans les magasins de franchise

Ventes totales de marchandises pour 2022 dans toutes les marques de franchise: 1,2 milliard de dollars

• Jouez à nouveau des sports: 350 millions de dollars
• Once Upon a Child: 275 millions de dollars
• Placard de Platon: 400 millions de dollars
• Encore de style: 125 millions de dollars
• La musique tourne: 50 millions de dollars

Frais de licence pour l'utilisation de la marque

Revenus de licence annuelle pour 2022: 5,4 millions de dollars

Revenus des magasins d'entreprise

Ventes de magasins d'entreprise pour 2022: 43,2 millions de dollars

Services de développement et de soutien de franchise

Revenus annuels des services de soutien: 7,8 millions de dollars

Catégorie de service	Revenus annuels
Programmes de formation	2,5 millions de dollars
Soutien marketing	3,1 millions de dollars
Services technologiques	2,2 millions de dollars

Winmark Corporation (WINA) - Canvas Business Model: Value Propositions

For Franchisees: Proven, high-margin, low-capital-intensity business model

Winmark Corporation offers a business model where franchisees operate the stores, minimizing the capital intensity on the franchisor side, which was further evidenced by the decision in May 2021 to run-off its equipment leasing portfolio, which previously involved capital investment in assets. The structure relies on franchisees paying weekly continuing fees (royalties) generally ranging from 4% to 5% of gross sales. Franchisees also pay an annual marketing fee of $1,500 and are required to spend 5% of their gross sales for local advertising and promotion. As of the first quarter of 2025, Winmark Corporation supported 1,363 franchises operating under its brands.

For Customers: Access to affordable, quality, gently used merchandise

The core value for customers is access to high-quality used merchandise at substantial savings compared to the price of new goods. Winmark Corporation champions a model where customers can buy and sell locally sourced, quality used products across its brands, which include Plato's Closet®, Once Upon A Child®, Play It Again Sports®, Style Encore®, and Music Go Round®.

For Society: Leadership in the circular economy and sustainability

Winmark Corporation is positioned as a leader in the circular economy, providing a tangible way for consumers to reduce waste. The cumulative impact reported is significant:

• 2,049,132,929 items recycled since 2010.
• 185 million items recycled per year.
• 510 thousand items recycled per day.
• 6 items recycled per second.

This resale activity directly counters the environmental impact of new production, as the fashion industry contributes 8% of the world's greenhouse gas emissions, and Americans send about 21 billion pounds of textile waste to landfills annually.

Comprehensive operational support and training for new entrepreneurs

Winmark Corporation emphasizes a high level of support for its franchise partners. Every franchisee must attend the company's training program, regardless of prior experience, and is required to attend new owner orientation training shortly after signing the franchise agreement. The company continues to enhance its model by providing franchisees with the technology and tools to evolve towards being a multi-channel retailer.

Counter-cyclical business appeal during economic downturns

The resale model inherently appeals during periods of economic pressure, as consumers prioritize value and savings. While the company noted lower growth in the second half of 2023, its full-year 2024 revenue was $81,289,100, with net income of $39,954,200. For the first quarter of 2025, the company demonstrated continued financial strength with total revenue at $21.9 million and net income increasing to $9.96 million.

The financial structure supporting the network as of late 2024 and early 2025 is detailed below:

Metric	Value (As of Dec 28, 2024)	Value (As of Q1 2025)
Total Franchised Stores in Operation	1,350	1,363
Available Territories	Over 2,800	N/A
Franchises Awarded (Not Open)	79	N/A
Annual Revenue (Fiscal Year)	$81,289,100	$21.9 million (Total Revenue Q1)
Net Income (Fiscal Year)	$39,954,200	$9.96 million (Net Income Q1)
Royalty Revenue	N/A	$17.8 million (Q1)

The Canadian franchise fee structure for 2025 also provides a concrete data point for new entrepreneurs considering international expansion, with an initial store fee set at $36,000CAD.

Winmark Corporation (WINA) - Canvas Business Model: Customer Relationships

Winmark Corporation's relationship with its customer base, primarily its franchisees, is built on a foundation of deep, structured support and long-term commitment. This approach is central to maintaining the high-margin, asset-light nature of the business.

The initial engagement involves a high-touch support model. New owners must attend mandatory initial training, which includes new owner orientation training immediately after signing the franchise agreement, regardless of prior business experience. This training occurs at Winmark Headquarters at Resale University 101, covering The Winmark Way™, which focuses on store operations, financial management, and inventory control.

The relationship is designed for longevity, characterized by long-term, contractual relationships. Franchise agreements typically have an initial term of 10 years, with subsequent 10-year renewal periods. Franchisee satisfaction remains exceptionally high, evidenced by a reported franchise renewal rate of 99% for Q1-Q3 2025. This high retention rate underscores the perceived value of the Winmark partnership.

Operational interaction is streamlined through automated, standardized reporting and royalty collection. Franchisees are required to pay weekly continuing fees, or royalties, which are the primary revenue driver for Winmark Corporation. The system relies on standardized processes to ensure consistency across the network.

The model inherently fosters a community-focused, local store ownership model. Franchisees operate their businesses for themselves, their community, and the next generation, playing key roles in their local economies. For example, in the past year alone, Winmark noted that its brands put over $500 million back into local communities from money spent by consumers purchasing items from franchisees.

Support is continuous, involving ongoing operational consulting and marketing guidance. After signing, franchisees are paired with a Marketing Manager who works closely through the grand opening, helping to set up websites and social media. Furthermore, Winmark provides over 3,000 support visits each year to franchisees to help them improve operations and grow their businesses.

Here is a look at key quantitative aspects of the Winmark franchise relationship as of late 2025:

Metric	Value/Rate	Period/Context
Franchise Renewal Rate	99%	Q1-Q3 2025
Total Franchises Operating	1,377	As of late 2025 (up from 1,350 at start of year)
Initial Franchise Agreement Term	10 years	Standard contractual term
Annual Support Visits Provided	Over 3,000	Per year to franchisees
Cumulative Items Recycled (Since 2010)	Over 2 billion	As of August 2025

The support structure includes specific training milestones and ongoing resources:

• Mandatory attendance at Resale University 101 for basic training.
• Guidance from a dedicated Training Manager through the buildout process.
• Assistance with business entity setup and store floorplan design.
• Marketing Manager support for grand opening and long-term strategy execution.
• Training on proprietary systems like Winmark Connect reporting.

Winmark Corporation (WINA) - Canvas Business Model: Channels

You're looking at how Winmark Corporation (WINA) gets its value proposition-a sustainable, value-oriented resale experience-out to its customers and how it manages its franchise network. The channels are heavily weighted toward physical locations, but the digital layer is definitely growing in importance for marketing and sales support.

The primary channel remains the physical store footprint, which is substantial and geographically diverse across North America. This brick-and-mortar presence is the core transaction point for the buy, sell, and trade model. The corporate structure supports this by focusing on brand development and providing the tools for franchisees to operate effectively.

The company is actively enhancing its multi-channel capabilities. For instance, three of the five resale franchise brands-Play It Again Sports, Music Go Round, and Style Encore-have expanded into e-commerce platforms over the last decade. This digital push isn't just about direct sales; it's positioned as a marketing function to increase brand visibility and drive consumers into the local stores.

Here's a quick look at the scale of the physical channel as of the latest reported quarter:

Channel Metric	Value	As of Date/Period
Franchised Retail Storefronts in Operation	1,377	Q3 2025 End
Net Store Increase (YTD 2025)	21 stores	First Six Months of 2025
Available Franchise Territories	Over 2,800	December 28, 2024
Franchise Agreements Awarded (Not Open)	79	December 28, 2024

The direct franchise development team is crucial for expanding this channel. They focus on recruiting owners who meet specific criteria, such as having sufficient net worth and prior business experience, and who intend to be integrally involved in management. The health of this recruitment pipeline is reflected in the franchise fees, which were reported at $332,100 for Q1 2025, a slight dip from the prior period's $364,500.

Franchisees are also key distributors of digital outreach, which feeds back into the physical channel. They use various digital tools to connect with local customers. This decentralized digital effort complements the corporate-level e-commerce platforms.

The corporate channels primarily serve two groups: franchisees needing support and financial stakeholders needing transparency. For franchisees, the corporate website provides access to technology, tools, and training to evolve into multi-channel retailers. For investors, the corporate website hosts investor relations, detailing financial performance.

Consider the financial data flowing through the corporate channel in Q3 2025:

• Total Revenue: $22.63M (+5.2% Year-over-Year)
• Royalty Revenue: $20.91M (+7.2% Year-over-Year)
• Income from Operations: $14.92M (maintaining an ~66% EBIT margin)
• Regular Quarterly Dividend: $0.96 per share maintained
• Special Dividend Approved: $10.00 per share (~$35.6M total) payable December 1, 2025

Franchisees actively use these digital methods to drive local traffic:

• Social media platforms like Facebook and Instagram.
• Third-party e-commerce platforms, such as Shopify.
• Marketplaces like eBay.

Winmark Corporation continues to enhance its franchise model by providing technology and training to support multi-channel operations.

Winmark Corporation (WINA) - Canvas Business Model: Customer Segments

Winmark Corporation targets aspiring entrepreneurs and small business owners looking to enter the resale market through franchising. As of the third quarter of 2025, the network included 1,377 stores operating under its various brands, up from 1,350 stores at the beginning of the year. The company supports this growth by highlighting over 2,800 available territories across the United States and Canada for new franchisees. Franchisee satisfaction remains high, with a renewal rate of 99% reported for the first three quarters of 2025.

The core of the customer base for the franchise side is the entrepreneur seeking a proven model. Here's a look at the scale of the existing business units as of late 2025, based on the latest reported data from 2024 and Q3 2025 figures:

Brand Segment	Approximate Store Count (Q3 2025)	2024 Average Gross Sales	2024 Average Gross Profit
Plato's Closet	526	$1,291,903	$819,037
Once Upon A Child	439	$1,998,918 (Top Quartile)	Data Not Separated
Play It Again Sports	309	Data Not Separated	Data Not Separated
Style Encore & Music Go Round	Combined Remainder	Data Not Separated	Data Not Separated

The end-consumer segments are diverse, united by the value proposition of the resale model across the five distinct retail niches. These customers are drawn to the company's mission to provide Resale for Everyone®.

• Aspiring entrepreneurs and small business owners (franchisees) looking to start a business with established brand support.
• Value-conscious consumers seeking high-quality apparel and gear at substantial savings from new merchandise prices.
• Millennials and Gen Z prioritizing sustainable and secondhand shopping, contributing to the circular economy; by August 2025, Winmark brands reached 2 Billion items recycled.
• Parents, teens, and athletes who utilize the specific offerings of Plato's Closet, Once Upon A Child, Play It Again Sports, Style Encore, and Music Go Round.
• Existing franchisees seeking to open additional units, supported by over 2,800 available territories.

For the consumer, the appeal is tangible savings; for example, the average store in 2024 generated average gross sales of $1,291,903. The top quartile of stores achieved average gross sales of $1,998,918 in 2024.

Winmark Corporation (WINA) - Canvas Business Model: Cost Structure

You're looking at the core expenses Winmark Corporation incurs to keep its franchise support engine running and manage its transition away from legacy business lines. Honestly, for a franchisor, the biggest costs are usually people and technology to support the network.

The Selling, General, and Administrative (SG&A) expenses are a key area to watch. For the first quarter of 2025, these expenses rose 9.1% to $7.43 million. This increase was noted as being driven by non-recurring expenses related to software licenses, which you'll want to track to see if it normalizes. For context on the scale, the full year 2024 SG&A was $24,944,200.

Capital expenditures (CapEx) are minimal, which is typical for an asset-light franchisor model. The figure you noted for 2024 was only $195,000. This low level of investment in fixed assets suggests the primary capital deployment is focused on intangible assets like technology and brand development, rather than physical plant.

The cost structure is heavily influenced by supporting the franchise network. This includes the costs associated with franchisee support, training, and technology development. For example, franchisees are required to pay an annual marketing fee of $1,500, and they must spend 5% of their gross sales for advertising and promoting their franchised store. Furthermore, every new owner must attend training, which is a direct cost to Winmark Corporation.

Financing costs are relatively controlled. Interest expense on corporate borrowings decreased to $613,900 in Q1 2025, down from $737,700 in the prior year period, reflecting lower average corporate borrowings.

A significant, but fading, cost factor relates to the run-off of the legacy equipment leasing portfolio. The company made the decision in May 2021 to stop soliciting new leasing customers and pursue an orderly run-off. By mid-2025, the company anticipated that leasing income net of leasing expense would be lower during the remaining quarters of 2025 compared to the last two quarters of 2024, as the run-off is substantially complete.

Here's a quick look at some of the key expense line items for comparison:

Expense Category	Period/Date	Amount
Selling, General, and Administrative (SG&A) Expenses	Q1 2025	$7.43 million
SG&A Expenses	Full Year 2024	$24,944,200
Interest Expense	Q1 2025	$613,900
Capital Expenditures (CapEx)	2024	$195,000
Compensation Expense (Stock Options)	First Three Months of 2025	$536,600

You should also keep an eye on the ongoing operational support costs, which include:

• Ongoing small business consulting via field operations managers.
• Tech support for proprietary and third-party software.
• Providing professional marketing and merchandising materials.
• Costs associated with new owner orientation training.

Finance: draft 13-week cash view by Friday.

Winmark Corporation (WINA) - Canvas Business Model: Revenue Streams

You're looking at how Winmark Corporation brings in its money, which is heavily weighted toward its asset-light franchise model. Honestly, the structure is designed for high margins, which is why you see those impressive profitability numbers, even as the legacy leasing business winds down.

The primary engine for Winmark Corporation is definitely the recurring revenue from its established franchise network. For the first quarter of 2025, royalty revenues hit $17.8 million. That number reflects the health of the system, which, as of the end of Q1 2025, included 1,363 stores operating under its brands. By the end of Q3 2025, that royalty stream had grown to $22.59 million for that single quarter.

New store growth feeds the top line through initial franchise fees. For Q1 2025, the income from these new store openings was $332,100. That was a slight dip from the prior period, suggesting you should watch the pace of new unit development closely as a leading indicator.

The legacy equipment leasing portfolio is nearing its end, but it still contributed. Income from the run-off of this portfolio for the first half of 2025 (H1 2025) amounted to $2.3 million. It's important to note that a significant portion of the Q1 2025 leasing income, about $2.2 million of the $2.3 million recognized, was a one-time boost from settling customer litigation. Management has signaled this run-off is substantially complete, so you shouldn't expect this stream to contribute much going forward.

Other revenue sources include merchandise sales and software license fees paid by franchisees. For instance, merchandise sales in Q1 2025 were $941,300, down from $1.11 million the year prior, often tied to technology purchases by the store owners. Software license fees are bundled into contract liabilities along with initial franchise fees.

Looking at the cumulative performance, the total revenue for the first three quarters of 2025 reached $57.35 million. This compares to $54.56 million for the same period in 2024. Here's a quick breakdown of the key revenue components we have data for across the first half of the year:

Revenue Component	Period	Amount (USD)
Total Revenue	First Three Quarters of 2025	$57.35 million
Royalty Revenues	Q1 2025	$17.8 million
Royalty Revenues	Q3 2025	$22.59 million
Initial Franchise Fees	Q1 2025	$332,100
Leasing Income (Net)	H1 2025	$2.3 million
Total Revenue	Q1 2025	$21.92 million
Total Revenue	H1 2025	$42.3 million

The reliance on the franchise model means that the revenue mix is heavily skewed toward recurring royalties. You can see that in the structure of the business, which prioritizes high-margin, predictable cash flow over transactional sales.

• Royalty revenues are the primary stream, representing the core economic engine.
• Initial franchise fees fund new unit expansion and are inherently lumpy.
• Leasing income is actively being run off, reducing its future impact.
• Merchandise sales and software fees are secondary, supporting franchisee operations.

To be fair, the Q1 2025 total revenue of $21.92 million included that one-time leasing benefit, so the underlying royalty growth rate is what you really need to track for sustainable performance.