Cost Plus World Market plans to re-open its Roseville store next month back in the same location where the retailer shuttered operations about three years ago.
“Cost Plus World Market will be having a grand opening/ribbon cutting on September 13th,” said Jonathan Weinhagen, of the St. Paul Chamber of Commerce’s member services. “We are thrilled that Cost Plus World Market is reinvesting in the East metro community,” he said today (Thursday).
Cost Plus World Market’s 20,000 square-foot store will be at 2401 Fairview Ave. N.
Officials at the California-based retailer of home decor, furniture and gourmet foods could not be immediately reached for comment. It is also not known whether the company plans to reopen any other Twin Cities locations.
A prominent Twin Cities retail observer said Friday he was surprised by the news. “Most retailers don’t return once they leave a market.,” said Dave Brennan, co-director of the Institute for Retailing Excellence at the University of St. Thomas in St. Paul. “Obviously they are very confident about the Roseville market.”
Currently, the Roseville City Council is considering Cost Plus’ request for an off-sale liquor license to sell beers and wines. The city would have to raise the limit on its number of off-sale liquor liceness (now 10) to grant Cost Plus’ request for one.
Pat Trudgeon, Roseville director of community development, said he understood that the re-opening of Cost Plus’ Roseville store comes as the retailer has emerged from restructuring.
In early 2009, Cost Plus shuttered its six Twin Cities stores as part of a broader restructuring that it undertook in the wake of increased competitive pressure from rivals such as Pier 1 Imports, Bed Bath & Beyond and Target. At that time, Cost Plus closed 26 of its 296 outlets, the Star Tribune reported.
In May, Cost Plus reported a 7.9 percent increase in same-store sales for first quarter of 2012. Same-store sales, or sales at stores open at least a year, are considered a key measure of a retailer’s financial health.
Two days before its 2012 first-quarter earnings report, Cost Plus said that Bed Bath & Beyond had made an all-cash offer to buy it. The deal is valued at about $495 million, according to Yahoo Finance. (Source: RosevillePatch)