The 17,515-square-foot World Market store joins CompUSA and Costco in the Divaris-leased Jefferson Plaza in Newport News, Virginia.

Cost Plus World Market Continues East Coast Expansion

HAMPTON ROADS, VIRGINIA – If international turmoil and long airport security lines have kept you stateside this year, your thirst for the exotic in home décor and hunger for international gourmet foods can be sated with a short drive to the World Market

For more than 40 years, Oakland, California-based Cost Plus World Market has delivered extraordinary value-priced merchandise from an innovative, fun and friendly shopping environment. The first store opened in 1958 when a San Francisco businessman turned his passion for travel into an import business by selling a shipload of hand-woven wicker from crates on Fisherman’s Wharf. Today, Cost Plus World Market operates 169 stores in 23 states throughout United States. 

The company signed a lease for 17,515 square feet of retail space in the Divaris- leased Jefferson Plaza, located at the corner of Jefferson Avenue and Oyster Point Road in Newport News, Virginia. This is Cost Plus World Market’s first Hampton Roads retail outlet.  However, last year World Market began penetrating the East Coast with a 500,000-square-foot distribution center located in southeastern Virginia's Isle of Wight County. In addition, the retailer operates seven stores throughout North Carolina. 

Divaris Real Estate handled lease negotiations for the Newport News facility. The DRE retail team of Gerald S. Divaris, Mary McGovern and Debbie Wake is handling site selection and lease negotiations for Cost Plus World Market stores throughout southeastern, central and western Virginia. 

“I believe the substantial military population in Hampton Roads will welcome World Market, as they are accustomed to being stationed all over the globe and have developed a taste for international foods and home furnishings," says Gerald Divaris, chairman and CEO of Divaris Real Estate, Inc.

Cost Plus World Market is a leading retailer of specialty casual home living and entertaining products from countries in Europe, North and South America, Asia and Africa.  A destination shopping outlet, World Market appeals to the one-stop shopping trends of the sophisticated shopper.  Furniture, collectible arts and handicrafts, soft home goods, exclusive design wrapping papers, kitchenware and garden accessories from around the world provoke a feeling of discovery.

Additionally, as the home décor market becomes increasingly competitive, Cost Plus World Market strengthens its position in the marketplace with the sale of gourmet international foods.   With much of its business in consumables, World Market differs from its home decor competitors. International food offerings include imported and domestic wine and beer, pasta and pasta sauces, fresh-roasted coffee beans and chocolates suitable for gifts or home use. 

The novelty and constant updating of its product mix encourages frequent and lengthy shopping visits.  Sixty percent of its products are new to the stores each year.  The lower price points of food items keeps the average per-transaction cost to $31, which is low for home furnishing retailers, but the foot traffic is significantly increased. 

You will most likely find a Cost Plus World Market in upscale areas. Look for Bed Bath & Beyond, Borders Books & Music and Crate & Barrel, nearby, as those are the preferred neighbors. While World Market favors lifestyle or power centers, the retailer also has five stores located in major regional malls, each with its own entrance. 

The future could see an increase in the number of locations for World Market, to as many as 450 stores.  In 2001, the company opened 24 stores, including the Charlotte, North Carolina and Atlanta markets.  New stores usually generate $3 million in sales each year, increasing to $4.5 million in its fifth year, according to the company. As for future expansion plans, Melissa Oldenbourg, spokesperson for Cost Plus World Market, says that they expect to have 175 stores by Thanksgiving 2002, “We’re always looking for opportunities throughout the country,” she says. 

Perhaps one of the best advantages of shopping at World Market is that you are neither obligated to send postcards nor to buy T-shirts for each of your relatives!