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Stein Mart Explores New Stores

HOUSTON-The hybrid department store/off-price retailer will kick of a new store development project in 2006.

By Jennifer D. Duell | Updated on October 26, 2005

HOUSTON-After several years of little or no new store development, Stein Mart Inc. has decided to expand its presence, particularly in the Midwest and Sunbelt regions, said the chain’s president and CEO Michael Fisher during Johnson Rice & Co. LLC’s Fifth Annual Consumer Conference.

Fisher said that Jacksonville, FL-based Stein Mart plans to open 20 newstores during 2006, boosting the chain’s presence from261 stores today. The new stores will be in new andexisting markets, he noted, adding that they will befunded exclusively through internal capital.

In addition to its expansion plans, Stein Mart willcontinue to improve its merchandizing and willretrofit its existing stores with new technology,Fisher said. Moreover, the chain has hired a new homedécor merchandising team to completely change thelineup in the stores. He stressed that theseinitiatives will provide improved earnings for thecompany. “We want to get back to that 7% profitmargin,” he said.

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