Teavana

Remember when Starbucks was special? Now you can get a good cup of coffee just about anywhere, including at home. If you're seeking the next hot beverage business with lots of room for growth, it's Teavana, the mall-based tea retailer that went public last month and expects to open 50 new stores this fiscal year.

IPOs can leave your average retail investor feeling left out -- a bunch of powerful bankers and their friends getting first dibs on a hot new company. But herein lies an advantage of the recent market turmoil: Many of the most noted recently-public companies are now trading for less than their original values.

While the recession has sent sales of most luxury items into a sharp tailspin, many upscale foods are transforming the downturn in consumer spending into an opportunity to increase market share. For purveyors of mid-market chocolate, tea, and wine, the consumer move from big spending to more...