Upscale resale clothing franchise makes list of worthy investment opportunities for 2021
The awards keep coming for fast-growing resale clothing brand Uptown Cheapskate. Our franchise ranked in the top 125 franchise concepts on the highly competitive Franchise 500 annual ranking from Entrepreneur magazine for 2021 as well as number one in the retail industry category section of the prestigious ranking leading to our listing on Entrepreneur’s Best of the Best list. For these reasons and more, hungry entrepreneurs looking for a solid business investment could open an Uptown Cheapskate.
Uptown Cheapskate is not the typical no-frills thrift store experience with dingy lighting, nonexistent ambiance and unorganized racks. Our upscale experience differentiates us from competitors and helps garner attention from top franchising rankings such as the Entrepreneur Franchise 500, which is widely regarded as the most prestigious ranking in franchising. Entrepreneur measures franchise systems based on costs and fees, size and growth, support, brand strength, and financial strength and stability.
With more than 80 locations in 24 states, Uptown Cheapskate focuses on giving young professionals and eco-conscious individuals a place to buy and sell fashionable, name-brand items. We provide a chic and trendy customer experience, as well as an opportunity for customers to save money while keeping their gently used clothing out of landfills.
“Uptown Cheapskate exists to bring affordable styles to the masses,” says Scott Sloan, CEO of Uptown Cheapskate. “We’re a mainstream alternative to resale. We appeal to a wider customer base than our competitors because we focus on an upscale experience that doesn’t feel like resale. We’ve been rapidly growing for years, and we’re going to add hundreds of locations in the years to come.”
Uptown Cheapskate is a low-cost business opportunity that gives back to the community and helps the planet
The resale industry boom is being driven by consumers who want to save money and embrace eco-friendly shopping practices. The fashion industry is considered one of the most pollutive industries in the world. In 2019 alone, destroying or disposing of single-use outfits generated 208 million pounds of waste, according to research done by thredUP.
The resale market boom is expected to continue. The industry was valued at $28 billion in 2019, with a forecasted 39 percent annual growth rate, and is positioned to reach an estimated $64 billion by 2024. For entrepreneurs looking to capitalize on the incredible growth of the resale clothing industry, 2021 is the year to invest in an Uptown Cheapskate resale clothing business.
“There’s a high cost for shopping new and consumers are waking up to the fact that fast-fashion brands are big polluters,” says Chelsea Sloan Carrol, Co-Founder, and President. “The resale industry is growing faster than anyone expected, and our business model is going to be more relevant as people are going to need to save money on clothing, as well as make money from selling their clothes to us. The service that we provide to our customers is invaluable, and our strong unit economics reflects that. We’re looking forward to strong growth in 2021.”
Since our founding in 2008, Uptown Cheapskate has provided entrepreneurs with a potentially lucrative business investment that is also backed by world-class support. How much you make as a franchisee depends on a variety of factors, from geographic location to access to inventory. According to our 2020 Franchise Disclosure Document Item 19, our top 25% of stores in sales volume boasted average sales of $1,350,933 and an average net income of $304,781 in 2019. For entrepreneurs looking to capitalize on the incredible growth of the resale clothing industry, 2021 is the year to invest in an Uptown Cheapskate resale clothing business.