Stein Mart Plans 10-Store Addition

As part of what would be its largest unit expansion since 2007, Stein Mart has announced that it intends to open 10 new stores this year. The first new locations will debut in the Miami, Washington, D.C. and Las Vegas markets during the spring, according to the company.

The 10 store openings will bring the company’s total nationwide unit count to more than 270.

The expansion will provide Stein Mart with its first Miami area store and its third in the Washington, D.C. area, each selected because of attractive, high-traffic potential and the underserved condition of the market, Stein Mart stated. The Miami and Washington, D.C. stores will open in what had been Loehmann’s locations.

“Our focus on offering designer and national brands at discount prices every day continues to prove successful and has enabled us to put into motion our largest store opening plan in years,” Jay Stein, Stein Mart CEO, said in announcing the store openings. “We understand that increasing our number of stores is an important part of our sales growth strategy, so this is significant news for us. We are fortunate to have a talented management team that identifies key locations in targeted growth areas, so we are always prepared to act when a prime location becomes available.”

Stein Mart noted that it would disclose remaining new store locations in the summer, adding that it plans to open six units in October and one in November.

In addition to opening new stores, Stein Mart related that it would shift six existing units to new locations, beginning with the Stein Mart stores in Hendersonville, NC, Overland Park, KS, and Birmingham, AL.

Stein Mart has closed two stores, in Fernandina Beach, FL and Brentwood, TN, during 2014, it maintained.