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Cost Plus World Market

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Cost Plus World Market

"World Market" redirects here. For the economic term, see World economy.
Cost Plus, Inc.
Subsidiary
Industry Department Stores
Founded 1958 at Fisherman's Wharf in San Francisco, California
Headquarters Oakland, California, USA
Number of locations 259[1]
Key people Barry J. Feld
Revenue $1.04 billion for fiscal year 2006 [2]
Employees 2390 full time
Parent Bed Bath & Beyond
Website worldmarket.com

Cost Plus, Inc. is the owner and operator of the chain of Cost Plus World Market specialty/import retail stores and a subsidiary of Bed Bath & Beyond. The name originated from the initial concept, since abandoned, of selling items for "cost plus 10%". Its headquarters are in Oakland, California.[3]

History

Cost Plus opened its first store at Fisherman's Wharf in San Francisco, California in 1958. Founder William Amthor did not intend to create a discount import retail chain—or even to open a single store—but he discovered San Franciscans loved that sort of merchandise. His discovery occurred by chance in 1958 when he sold some extra rattan furniture. Amthor operated a small family-owned furniture store in San Francisco at the time, but instead of displaying the rattan furniture in his store, he rented 4,000 square feet (370 m2) of warehouse space in the Fisherman's Wharf area of San Francisco. The rattan furniture sold quickly, convincing Amthor to start importing merchandise as a new business. He opened his first store devoted exclusively to imported merchandise later in 1958 and began importing wicker by the shipload.

After the success of this store, they quickly spread across the Bay Area and later into other states. There are currently 263 stores spread across 30 states.[4]

In the 1990s, "Cost Plus" shifted the branding of its stores to either Cost Plus World Market or simply World Market in developing markets. In 1996, Cost Plus went public and began trading on the NASDAQ stock market.

In February 2006, Cost Plus reported quarterly earnings of $125 million with $367 million in revenue for the 4th fiscal quarter of 2006. Their annual earnings were $280 million with over $800 million in revenue. Cost Plus was acquired by Bed Bath & Beyond in 2012.[5]

Stores


Cost Plus World Market is often described as a larger, lower-cost version of Pier 1. They offer a wide array of goods such as dishes, rugs, furniture, candles, and plates from many countries. The stores feature many artistic and cultural accessories for sale. In addition, World Market also has a large selection of international dry goods (non-refrigerated foods). These include imported snacks, candies, and condiments, such as Pocky, Weetabix, and Marmite. They are especially well known for an extensive wine selection in most stores. The stores also have some "store brand" consumables, including but not limited to, their own versions of unique condiments and drinks.

Restatement

On March 17, 2005, the company restated annual financial statements and quarterly financial data .[6]

References

External links

San Francisco Bay Area portal
Companies portal
  • Cost Plus World Market official website
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