Stein Mart, a national women and men’s fashion retailer, announced it will be opening 10 new stores throughout 2014, making it the company’s largest store expansion since 2007. The announcement comes shortly after Stein Mart released its fiscal 2013 results, highlighting a 3.7% increase of same-store sales.
Three of the 10 new store locations announced with opening dates include:
- Las Vegas, Nevada — opening on March 20;
- Aventura, Florida — opening on May 15; and
- Falls Church, Virginia — opening on May 15.
The Florida and Virginia locations will be placed in former Loehmann’s locations, which will be closing its doors after filing bankruptcy for the third time last December. Of the seven unannounced store locations, the company stated that six of the stores are scheduled to open in October, while the remaining one is scheduled to open in November.
“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 company also announced it will be moving six existing stores to new locations, starting with three stores in North Carolina, Kansas and Alabama in Spring 2014.