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Cost Plus World Market Closing 26 Stores, Exiting 8 Markets

RCS Real Estate Disposing of Cost Plus' Leases
January 9, 2009
Oakland, CA-based Cost Plus, Inc. (Nasdaq: CPWM), operator of 296 Cost Plus World Market stores in 33 states, announced Jan. 9, 2009 that it would close 26 stores. Through this effort, the retailer will exit the markets of Cincinnati OH, Fort Lauderdale FL, Fort Wayne IN, Memphis TN, Minneapolis-St. Paul MN, Rochester MN, Omaha NE, and Rockford IL.

National retail real estate disposition firm RCS Real Estate Advisors, is marketing for sale 20 of the leases associated with these 26 closing stores. The stores average 18,658 square feet, but range in size from 16,618 to 23,212 square feet. Rental rates range from $11.25 to $27.50 per square foot. During fiscal 2008, Cost Plus opened 15 new stores, but closed 18 stores.

The list of closing stores, as provided by Cost Plus follows:

  • Mesa (1349 Alma School Road Mesa, AZ)

  • Ontario (4421 Mills Circle Ontario, CA)

  • Vallejo (105 Plaza Drive Vallejo, CA)

  • Pembroke Pines (11960 Pines Boulevard Pembroke Pines, FL)

  • Stonecrest (8140 Mall Parkway Lithonia, GA)

  • Fayetteville (240 Pavilion Parkway Fayetteville, GA)

  • Hoffman Estates (2780 Sutton Road Hoffman Estates, IL)

  • Rockford (6650 East State Street Rockford, IL)

  • Fort Wayne (4310 Coldwater Road Fort Wayne, IN)

  • Germantown (20904 Frederick Road Germantown, MD)

  • Bloomington (4250 West 78th Street Bloomington, MN)

  • Maple Grove (12209 Elm Creek Blvd Maple Grove, MN)

  • Minnetonka (11240 Wayzata Blvd. Minnetonka, MN)

  • Rochester (1200 16th Street SW Rochester, MN)

  • Roseville (2401 Fairview Ave., North Roseville, MN)

  • Woodbury (8268 Tamarack Village Woodbury, MN)

  • Southaven (6535 Towne Center Crossing Southaven, MS)

  • Omaha (201 North 78th Street Omaha, NE)

  • Papillion (7549 Towne Centre Parkway Papillion, NE)

  • West Omaha (17101 Davenport Street Omaha, NE)

  • Western Hills (5555 Glenway Avenue Cincinnati, OH)

  • Tri-County (11747 Princeton Pike Springdale, OH)

  • Kenwood (8121 Montgomery Road Cincinnati, OH)

  • Collierville (4600 Merchants Park Circle Collierville, TN)

  • Market at Wolfcreek (2825 N. Germantown Parkway Memphis, TN)

  • Tysons Corner (2051 Chain Bridge Road Vienna, VA)

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