Stein Mart

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Stein Mart Inc.
Public
Traded as NASDAQSMRT
Industry Retail (Department stores)
Founded Greenville, Mississippi, U.S. (1908)
Headquarters 1200 Riverplace Blvd.
Jacksonville, Florida, U.S.
Number of locations
289 (March 2018)
Key people
Jay Stein (Chairman)

David Hunt Hawkins (CEO)
Gregory W. Kleffner (EVP, Finance and CFO)

MaryAnne Morin (President)
Products boutique
apparel
footwear
linens and home decor
Revenue Increase US$ 1.36 billion (2016)
Decrease US$ 3.57 million (2016)
Decrease US$ 401,000 (2016)
Total assets Increase US$ 527.85 million (2016)
Total equity Decrease US$ 70.26 million (2016)
Number of employees
11,000 (2017)
Website www.steinmart.com

Stein Mart is an American discount men and women's department store chain based in Jacksonville, Florida. The company reported a profit of $25.6 million[1] in 2013 with operation of 260 stores[2] in 29 states. Stein Mart has locations primarily in the Southeast, Texas and California. Stein Mart stores carry recent trends in clothing for both men and women. Additionally, home décor, accessories, and shoes are all available at discounted prices.

History

Stein Mart store at the South Mall in Allentown, Pennsylvania

Stein Mart was founded in 1908 by Sam Stein, a Russian Jewish immigrant who opened his first store in Greenville, Mississippi. The department store carried general merchandise until Stein's son, Jake, took over the company upon his death in 1932. It was then that the store redirected its focus toward discounted clothing.

The chain targeted customers who shopped department stores on a regular basis, inducing them to purchase goods by offering discounts of 25 to 60 percent off department store prices. By the late 1970s, Stein Mart had become a leading retailer of clothing for the family in the Mississippi Delta.

Under Jay Stein’s leadership, Stein Mart grew from three stores in 1977 to 40 stores in 1990, and then to 123 stores by the end of 1996. In determining the prime locations for new Stein Mart stores, management targeted cities with populations of 125,000 or more and relied on demographic research regarding income, education, and occupation to help predict whether a community might support a discounter of designer merchandise.[3]

In 2002, Jay Stein stepped down but remained as chairman and also the largest Stein Mart share holder to this day. John H. Williams Jr. served as vice chairman and chief executive officer of the company from September 2001 to February 2003 and still serves on the Stein Mart board.[4]

Michael D. Fisher held the position of president and chief executive officer of the company from 2003 to August 2007. At that time, Fisher resigned and Linda McFarland Farthing was appointed as president and chief executive officer of Stein Mart. Farthing had been a longtime Stein Mart board member and held the president and CEO position for one year.[5] Upon her resignation in 2008, David H. Stovall Jr., served as CEO until 2011. In September 2011, he announced his retirement, leaving Jay Stein to take over as the interim CEO.

On April 25, 2014, Stein Mart announced that the Board of Directors had created the Office of the President, appointing D. Hunt Hawkins and Brian R. Morrow to share the office. Both reported to CEO Jay Stein. Hawkins had been with the company for 20 years, starting as Senior Vice President of Human Resources and COO since December 2011. Morrow joined Stein Mart as Chief Merchandising Officer in February 2010 after holding similar positions with Macy's North/Marshall, Mervyn's and Macy's West.[6]

On March 15, 2016, Stein Mart named Dawn Robertson as CEO, replacing Jay Stein.[7] Robertson resigned as CEO in September 2016 at which time D. Hunt Hawkins was named Interim CEO.

The company announced the appointment of MaryAnne Morin as President and "interim" was removed from the CEO title of D. Hunt Hawkins on January 26, 2017.[6]

In response to the downward trend of their stock price, the company announced plans to improve their financials by cutting 10% of their corporate staff, trimming inventory by 15%, slashing $22 million from the prior year's capital expenses, and suspending the 4th quarter stock dividend.[8]

Current Events

On January 31, 2018, Stein Mart announced that it would explore strategic alternatives for the company.[9] When Stein Mart's Director of Stores Gary Pierce requested early retirement on May 1, 2018, he agreed to remain with the company until the end of February 2019. The Form 8-K filed by Stein Mart stated that Executive Vice President Pierce would stay, “in order to provide for an orderly transition of his duties”.[10]

Products

The ladies department at a typical Stein Mart store.

Stein Mart sells clothes for women and men as well as home décor, accessories and shoes.

Stein Mart expanded their home department in Fall of 2010, and now carries houseware and décor for the house.[11] The Boutique portion of the store offers women special occasion clothing. The "Attitudes" section of the store carries clothing for women.[12]

For decades Stein Mart has leased its shoe department, currently working with DSW, Inc.

In addition, Stein Mart started working with Perfumania in 2010 to stock an assortment of fragrances. In October 2010, due to popular demand by Stein Mart shoppers, the retailer began offering limited online shopping with Ship from Store for shorter delivery times.[9]

Advertising

In 2003, Stein Mart introduced the "Real Shopper" campaign with support from Orlando-based advertising agency, Fry Hammond Barr. This multimedia advertising campaign features real Stein Mart shoppers chosen via casting calls held throughout the country.[13] As part of the casting call, Stein Mart looks for loyal female customers to share their stories about why they enjoy being a Stein Mart shopper. Each season six to eight female shoppers are chosen to appear in the campaign and are featured in Stein Mart's Sisterhood book online. On April 7, 2005, The Women of Studio Arena Theatre sponsored a luncheon and fashion show in Transit Valley Country Club, and fashions was shown by Stein Mart.[14]

References

  1. ^ "Stein Mart Reports 4Q and Fiscal Year 2009 Financial Results".
  2. ^ "Stein Mart Sales climb in August". BusinessWeek. 2010-09-02.
  3. ^ "The Stein Mart Saga". St. Petersburg Times. 2004-10-16.
  4. ^ "Forbes profile on John H. Williams". Forbes.com.
  5. ^ "Stein Mart Announces New CEO Farthing".
  6. ^ a b Ghabour, Dahlia. "Changing Stein Mart's direction: a SM(a)RT Turnaround". Jacksonville Business Journal. Retrieved 2018-04-09.
  7. ^ "Jacksonville-based Stein Mart names new CEO". jacksonville.com. Retrieved 2016-03-17.
  8. ^ Ghabour, Dahlia. "Stein Mart to eliminate 10 percent of corporate workers". BizJournals.com. Retrieved 2017-10-26.
  9. ^ a b Howland, Daphne. "Stein Mart exploring 'strategic alternatives'". Retail Dive. Retrieved January 31, 2018.
  10. ^ "Stein Mart executive vice president announces imminent retirement". Jacksonville Business Journal. Retrieved 2018-04-09.
  11. ^ "Stein Mart focused on Home Reinvent plan to grow home - again". Home Textiles Today. 2010-06-08.
  12. ^ "Stein Mart aims at younger demographic". Jacksonville Business Journal. 2009-03-19.
  13. ^ "Stein Mart Re-Enlists Fry Hammond Barr to Return Focus to Real Shoppers".
  14. ^ "STUDIO ARENA WOMEN SPONSOR FASHION SHOW".

External links

  • Stein Mart Official website
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