JACKSONVILLE, Fla., Feb. 25, 2014 (GLOBE NEWSWIRE) -- Stein Mart (Nasdaq:SMRT) announces the opening of 10 new stores this year as part of the company's largest store expansion since 2007, beginning with new locations in the Miami, Washington, D.C. and Las Vegas areas set to open this spring. This year's new store openings will bring the company's total nationwide store count to more than 270.
The announcement of this expansion follows the company's fiscal 2013 same-stores sale growth of 3.7 percent.
The Miami and Washington, D.C. stores will open in former Loehmann's locations – an example of Stein Mart's aggressive real estate strategy focused on securing strategically important retail locations in targeted growth areas. This expansion will provide Stein Mart its first Miami area store and third in the Washington, D.C. area, each selected because of its attractive, high-traffic appeal where the company's core customer-base has been underserved.
"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," said Jay Stein, CEO of Stein Mart. "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."
The three new stores opening in spring 2014 are located in:
- Las Vegas: 2060 North Rainbow Blvd. – March 20
- Miami area: 19915 Biscayne Blvd, Aventura – May 15
- Washington, D.C. area: 7271 Arlington Blvd, Falls Church, VA – May 15
The locations of the remaining seven new stores opening in 2014 will be announced this summer, with six scheduled to open in October and one in November.
In addition to opening new stores, Stein Mart will move six existing stores to new locations, beginning with relocations this spring of stores in:
- Hendersonville, NC: 233 Greenville Hwy. – March 20
- Overland Park, KS: 6403 W. 135th St. – March 20
- Birmingham, AL: 5275 Hwy. 280 South – May 1
Stein Mart plans to close two stores in 2014, with closures of both locations (Fernandina Beach, FL and Brentwood, TN) already completed.
About Stein Mart, Inc.
Stein Mart is a national retailer with more than 260 locations and steinmart.com offering a distinctive assortment of current-season, brand name fashion apparel for women and men, accessories, home décor, linens and shoes – all at prices up to 60 percent off brand name and specialty merchandise every day. For more information about Stein Mart or to find your nearest location, please visit www.steinmart.com.
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Source:Stein Mart, Inc.