New stores key to Stein Mart’s sales strategy
Jacksonville, Fla. — Off-price retailer Stein Mart continues to pursue the accelerated store growth strategy that it began in 2014.
The off-price retailer announced it will open nine stores this fall, and at least 12 new locations in 2016.
The news follows the company's recent release of first half 2015 total sales growth of 6.1% and comparable store-sales growth of 4.0%.
"New store openings are key to our sales growth strategy,” said Jay Stein, CEO of Stein Mart, which operates 269 stores. “We are excited about our new fall locations which include our initial entry into suburban Detroit and Long Island. We have a great number of target customers in these markets and know they will be successful. We are also very pleased to announce our preliminary 2016 store expansion plans, which include opening at least 12 stores."
The retailer said its 2016 store expansion is already underway with six stores opening in the spring and plans for at least six more stores in the fall.
Stein Mart opened a new store in Cupertino, California, in March and will open another nine new stores this fall, giving it a total of 10 new stores in 2015.
The locations of the nine new fall stores and currently scheduled store opening dates are:
- Commack (Long Island), New York: Mayfair Shopping Center – Sept. 24;
- Newport News, Virginia: Marketplace at Tech Center – Oct. 1;
- Rancho Mirage (Palm Springs), California: Rancho Las Palmas shopping center, October 15;
- Lady Lake, Florida: Lady Lake Crossing West shopping center – Oct. 22;
- Paradise Valley (Phoenix), Arizona: Paradise Valley Shopping Center, Oct. 22;
- Brookhaven (Atlanta), Georgia: Brookhaven Plaza – Nov. 12;
- Coral Springs, Florida: Atlantic Crossings shopping center – Nov. 12;
- Rochester Hills (suburban Detroit), Michigan: Winchester Center –Nov. 12; and
- Torrance (Los Angeles), California: Best Buy Shopping Center – Nov. 12.
The announced locations for 2016 include:
- Aurora (Denver), Colorado: Arapahoe Crossing shopping center;
- King of Prussia (Philadelphia), Pennsylvania: West Dekalb Pike and Henderson Road;
- Madison, Wisconsin: West Towne Mall;
- San Clemente (Los Angeles), California: San Clemente Plaza;
- Naples, Florida: Tamiami Crossing shopping center; and
- Wilmington, Delaware: Concord Square.
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