Growth accelerating at Steinmart

Off-price department store operator Steinmart is looking to capitalize on favorable business trends this year with an aggressive expansion plan that will see the company add 11 new stores.

The Jacksonville, Fl.,-based operator of 270 stores had indicated last fall it would open 10 new stores this year, but after reporting better than expected sales results the growth target was increased by one location. Steinmart opened nine new stores last year as part of a renewed commitment to physical expansion.

"We are very pleased with the new store sites that we have secured for 2015, which are strategically located in both exciting new markets and some of our strongest existing markets," said Jay Stein, CEO of Stein Mart. "Increasing our number of stores, particularly in targeted growth areas, is key to our sales growth strategy."

The company previously reported that its sales for the fourth quarter increase 7.3% to $387 million and same store sales increased 5.6%. Full year sales increased 4.3% to $1.3 billion and same store sales increased 3.3%.

The 2015 store expansion kicks off March 12 with the opening of the company’s first store in the San Francisco suburb of Cupertino. Ten additional stores will open in the fall including locations in Atlanta, suburban Detroit, Florida (2 stores), Southern California (3 stores), Long Island, Phoenix and Virginia Beach. Stein Mart also plans to relocate one store in Myrtle Beach, SC to a new location this fall.