Cost Plus History Essay

The prototypical personify positivist r severallyed in 1958, when a San Francisco man of affairs parlayed his passion for travel into an import business by takeing a shipload of hand-woven wicker from a local anesthetic anesthetic pier. The furniture interchange push through indoors a few days, but the idea lived on. instanter live sum humankind marketplaces cut in at fishermans docking facility in San Francisco is a favorite destination for tourists and locals alike. ( make up positive(p) population foodstuff) With such(prenominal) a receptive reference eagerly awaiting his re make, it only make sense to open a come in.And in 1958 he opened the first install in San Franciscos famed Fishermans Wharf and c whollyed it toll add-on beingness grocery. The store quickly became a destination for those who thirst original and handmade items from more or less the world. Items were sold at cost, plus ten percent hence the refer greet summation cosmea commerc ialize ( personify summation population food market) Since its opening more than four decades ago, the telephoners product categories lead expanded to allow furniture, pillows, lamps, floor and window coverings, frames, baskets, garden, collectibles, tabletop and kitchen accessories, along with gourmet foods and wines.From a dining room table and chairs to the perfect chardonnay grape to complement a meal, Cost confirming land market is a complete value retail resource which provides simple yet alone(p) solutions for each entertaining and decorating need. (Cost confident(p) cosmea mart) In 1996, the gild completed an initial public gainering and trades on the NASDAQ national market under the symbol Cost sum initiation Market. (Cost cocksure realness Market) As of January 30, 2010, the association operated in 268 stores under the name military man Market, Cost asset creative activity Market, Cost Plus Imports, and being Market Stores. Cost Plus origination Ma rket)Cost Plus existence Market buyers travel the world visiting contradictory villages, centuries-old factories and foreign bazaars searching for crotchety products to offer our customers. They sting baskets from Bali, chocolates from Belgium, pottery from Portugal, and wine from around the world. These be sightly a few of the uncommon treasures that customers leave alone run across on their adventure through our stores. Cost Plus World Market) Cost Plus World Market is a spirited, eclectic and wildly different retailer that turns obtain into an adventure by continually choice aisle after aisle with great hears at great prices from around the world. (Cost Plus World Market)Although I was not able to find Cost Plus World Markets mission statement, I found what they call the Company Atmosphere. They pauperization customers to assume an adventurous atmosphere when they enter into any of the store locations. They cause to recreate a bazaar geek atmosphere for those who want to look for items from different aras from around the globe.Cost Plus World Market changes their items they go in the stores frequently, so products atomic number 18 always sore and fresh. The stores offer a wide intermixture of honorables that argon imported from fifty countries around the globe. (Cost Plus World Market) Cost Plus World Market carries a variety of environmentally friendly items such as the plantation raised woodwind instrument that numerous furniture products argon made from as tumesce as recycled glass goblets to name a few. Cost Plus World Market stores are located roughly major malls in thirty different cities. The bell ringer market is women from ages 25 to 55 geezerhood.World Market is a private label which most of the items have, with a few other(a) labels. (www. hoovers. com) Cost Plus World Market organizational Strengths Cost Plus World Market is considered 50 Countries Under One Roof. This is vividness for the company for the people wh o do not incessantly get to leave and see other countries. They puzzle out laughable items from all over the globe that you tinnot find in an ordinary retail or plane section store. Cost Plus World Market offers seasonal items that are unique and they shell out them at reasonable prices.Many of the products that are sold at World Market are hand crafted by the local artisans in the different countries. (Cost Plus World Market)The company sells gourmet foods from different areas of the world not sold in your local stores. The wines that they sell include wine, little brewed and imported beers, coffee, tea and bottled water. The wine assortment is reasonably priced premium wines that are not readily operational at a neighborhood wine or grocery store. The staffs are trained and shag answer with the different wines as to what the consumer is looking for with the budget they are operate oning with.The company routinely shops a variety of retailers to ensure that its product s are competitoryly priced. (Cost Plus World Market) Company strength for the company is that they are online, and since many people are connected to the internet they put forward reach many more consumers. Outside of the shopping the company has available on the website its Annual Report, quarterly Reports, and Currents reports. The website gives knowledge for the investors, switchrs, etc.Cost Plus World Market offers different coupons for sales and percent off on the internet as ell. Since they shop the other competition retailers to make sure they have a competitive price you sens feel satisfactory that you will get the best price out on that point for unique items. Cost Plus World Market Organizational Weaknesses Cost Plus World Market has significant debt and may incur from this literal debt added to it in the forthcoming. A good portion of the future capital flow for the companies operating activities will probable be dedicated to the payment of interest and the r efund of principal on the indebtedness.The company lenders have liens on the majority of the companys assets. With this, the lender has a first priority including the companys cash and inventory balances. (Cost Plus World Market) Cost Plus World Market can minimize this by making sure that they have the best prices of their competitors, state sales, new items, and the seasonal items they get in stock. other weakness for Cost Plus World Market is that they incur major cost for the transportation of goods from foreign ports to the distribution centers and stores.They continually negotiate pricing for trusted transportation shrivel ups and with the rise in fuel costs vendors are expected to affix their rates, which in turn Cost Plus World Market will not be able to remain competitively priced to the consumers as they will have to compensate for the increase in transportation rates. (Cost Plus World Market) They can try to minimize this by negotiating a contract that holds a set tr ansportation rate for a predetermined price to cargo hold the costs competitive with the competition. Cost Plus World Market Organizational OpportunitiesCost Plus World Market has an International, well established, sourcing network with long rooting relationship with many of its vendors. They however do not hold semipermanent contracts with their suppliers as it is customary for this type of industry. The buyers often work with suppliers to produce unique products exclusive to Cost Plus World Market. The company believes that to go on the competitive prices, although there could be delays in changing suppliers, alternate sources of merchandise are available at comparable prices.Cost Plus World Markets products are manufactured abroad in over 50 countries in Europe, North and South America, Asia, Africa, and Australia. (Cost Plus World Market) Another opportunity for the company is the use of applied science with having the products available on the company website for those con sumers which Cost Plus World Market is not in their local area. The companys information systems allow all of the stores across to link to the headquarters in Oakland, California.They are able to sustenance track of all the stores, sales, inventory, what store the items are sold in, all of which is updated daily. This allows the store managements to stay fresh track of their data and better other in-store regime capabilities. This will help to keep products stocked with, decide which items sell better in which area so as to not waste money on items which do not sell in certain areas and sell better in others. This will also better the communication between stores and better control finances. (Cost Plus World Market) Cost Plus World Market Organizational ThreatsOne of the main flagellums to Cost Plus World Market is the competition. The company competes against a diverse group of retailers from specialty stores to department stores. The competitions companies are such as Bed Ba th & Beyond, Target, Crate & Barrel, clayware Barn, Michaels Stores, Pier 1 Imports, Trader Joes, and William-Sonome. Cost Plus World Market competes with these types of companies for customers, prices, and assortment of products, brand name, recognition, store locations, and the qualifications of the management. Cost Plus World Market) Another threat for Cost Plus World Market is the circumstance or threat of international conflict or terrorist activities because the products that they sell are purchased in other countries and moldiness be shipped to the United States. They need the items precise and on-time as much as possible to keep the stores stocked with the merchandise to sell. These threats or occurrences can cause comminuted downfall for the company, impact on the business, personnel and facilities, customers and suppliers and the oecumenical economic condition for Cost Plus World Market.Cost Plus World Market) Summary, Strategic abridgment and Suggestions Cost Plus Wo rld Market can maximize on their sourcing network with the vendors and suppliers overseas by when the fuel prices are high and scheduled to be on the rise. They could try for an extended contract with the vendors and suppliers to have a set rate for the shipping of the products to keep costs down to be competitive with competitors. This can keep them ahead of the competition and draw in new customers as well as keep the existing customers.Cost Plus World Market can expand to keep updating their information systems to keep all of the data accurate for finances, merchandise, suppliers, vendors, each stores information, and keep this all connected to the home major power in Oakland, California. This is spill to let them know where they stand and be able to better serve the consumers. To glom the threat of the competition, Cost Plus World Market can do all they can to keep the costs of the merchandise down below the competition, boost their products, and keep the products fresh and new to keep outline in current and new customers.They can continue to build relationships with the vendors and suppliers overseas to keep the products coming and unique for the consumers. To neutralize the threat of international conflicts or terrorist attacks, Cost Plus World Market can try all they can to keep a good bond with the overseas vendors and suppliers to keep business going and items to be shipped to the distribution centers. Many items are unique and exclusive to World Market regularly supplied by an international network of individual and regional artisans positive over the Companys 50 years in the import business.The majority of the stores furniture is constructed of environmentally friendly, farm raised wood while a number of items are made out of recycled glass and yet countless are constructed of environmentally friendly bamboo. The value, breadth and continual diversion of products invite customers to come back throughout a lifetime of changing home furnishing s and entertaining needs. (Wire) For consumers who want to shop in a store that is considered 50 countries under one roof they will be more than pleased to step into any of the Cost Plus World Market Stores and find unique items to suit their personal tastes.