Corporate Profile
Stein Mart is the finest, upscale, off-price specialty store in America.
Stein Mart’s 260+ stores offer the merchandise, service and presentation of traditional, better department or
specialty stores, at prices competitive with off-price chains.
Stein Mart’s focused assortment of merchandise features moderate to designer brand-name apparel for women
and men, as well as accessories, gifts, linens, and shoes.
For further information on Stein Mart, please visit their website at
www.steinmart.com
Real Estate
Philosophy
Stein Mart is continuing to grow and add new stores
on a highly selective basis.
The new prototype store is 30,000 square feet,
generally 158’ (min frontage/store width) by 190'.
Stein Mart’s customers have very high taste levels,
so we target upscale shopping centers and very
affluent markets. We like the highest average
household incomes, education levels, and housing
prices we can find in any appropriately sized MSA,
preferably 150,000 people within a 5-mile radius
with an average household income of $80,000 or
more, and “carriage” trading residential areas
close by the site.
We especially like upscale, high-end, specialty
grocery-anchored neighborhood centers, and
community/lifestyle centers.
The dominant, high-end, favorite, local grocer,
and/or Target, great bookstores, the “lifestyle”
shops, sporting good stores, drug stores, home
goods stores, craft stores, and nicer restaurants
make great co-tenants.
Like most anchor department stores, Stein Mart
is conservative on rent.
Landlords building prototype stores find they cost
approximately $65.00 psf (new tilt-up construction
on a pad-ready site) or around $32.00 psf over a
demised, air-conditioned “plain vanilla box” in
second generation space. Tenant Representative
fees are paid by Landlords.
Eastern united States
“East of the Mississippi, South of New Jersey”
Western united States
“West of the Mississippi”
North Eastern united States
“New Jersey to Maine”
Andy Hofheimer
David Darr
david@theplacesa.com
Hugh Kelly
hugh.kelly@srsre.com
Regency Centers
One Independent Drive, Suite 114
Jacksonville, FL 32202
T 904.598.7616
F 904.355.3937
The Place Commercial Real Estate
12050 Vance Jackson, Suite 102
San Antonio, TX 78230
T 210.525.0131
F 210.366.0571
SRS Real Estate Partners
366 Madison Ave, 5th Floor
New York, NY 10017
T 212.710.5252
F 212.710.5251
ahofheimer@regencycenters.com
Higher Interest Expansion Markets
EASTERN TENANT REPRESENTATIVE
Andy Hofheimer - Regency Centers Corporation
One Independent Drive, Suite 114
Jacksonville, FL 32202
904-598-7616 / 904-355-3937 (fax)
ahofheimer@regencycenters.com
ALABAMA
DELAWARE
FLORIDA
GEORGIA
ILLINOIS
INDIANA
KENTUCKY
MARYLAND
Tuscaloosa (University Mall area)
Wilmington (Brandywine)
Clearwater / St Pete (Countryside /
Largo Mall / Tyrone Mall area)
Delray Beach/East Boca Raton/Deerfield
Fort Lauderdale (Federal Hwy-Galleria /
Sawgrass Mills)
Gainesville (Archer or Oaks)
Jacksonville (St Johns Town Center)
Jupiter
South Lakeland (Polk Pkwy-Harden)
Melbourne (Viera)
Miami (Aventura / The Falls / Dadeland/
Coral Gables)
Naples (Marco Island/Estero-Coconut Pt)
Orlando (Winter Park / Seminole /
Waterford Lakes / Clermont)
Tampa (New Tampa / WestshoreInternational Mall-South Dale Mabry)
The Villages
Atlanta (West Cobb / Buckhead /
Towne Lake-Woodstock/ Gainesville)
Savannah (Waterfront)
Sea Island / St. Simons Island
Chicago (Skokie / Northbrook - Deerfield
Deerbrook / Vernon Hills / Lake Forest
Schaumburg / Geneva / Glen View /
Hinsdale)
Evansville (Lloyd Expressway)
Indianapolis (Greenwood)
Lexington (Nicholasville/Fayette Mall)
Annapolis
Baltimore (Reistertown Rd / York Rd /
Towson / Bel Air)
Columbia (Snowden Pkwy or Villages)
NORTH
CAROLINA
OHIO
PENNSYLVANIA
SO CAROLINA
TENNESSEE
VIRGINIA
WASHINGTON,
DC AREA
Asheville (Biltmore Village / South)
Charlotte (South Park / Matthews)
Greensboro(Friendly Ctr-Battleground)
Raleigh (Brier Creek / Wake Forest /
Crabtree Valley Mall)
Akron (Montrose / Fairlawn)
Canton (Belden Village / The Strip)
Cincinnati (Deerfield Town Center /
Hyde Park / Florence, KY)
Cleveland (Legacy / Eastgate)
Columbus (Polaris / Bexley)
Dayton (Beavercreek)
Harrisburg (Camp Hill)
Philadelphia (PA: Ardmore / Bryn Mawr /
Bala Cynwood / Main Line / Wayne /
Devon / King of Prussia; NJ: Mt Laurel
Moorestown / Marlton / Voorhees)
Pittsburgh (Mt Lebanon-Upper St Claire /
South Hills / Robinson Towne Center /
Monroeville)
Charleston (Downtown/ Mount Pleasant)
North Myrtle Beach
Chattanooga (Signal Mountain /
Northgate Mall area)
Johnson City
Nashville (Green Hills)
Charlottesville (Barracks Road / Hwy 29)
Newport News (Jefferson & Oyster Pt)
Richmond (Libbie / Carytown)
MD SIDE: (Georgetown / Rockville Pike/
Gaithersburg)
VA SIDE: (McLean / Tysons Corner /
Alexandria / Fairfax / Reston / Burke /
Dulles Town Center / Crystal City)
WESTERN TENANT REPRESENTATIVE
NORTHEASTERN TENANT REPRESENTATIVE
David Darr – The Place Commercial Real Estate
12050 Vance Jackson, Suite 102
San Antonio, TX 78230
210-525-0131 / 210-366-0571 (fax)
david@theplacesa.com
Hugh Kelly – SRS Real Estate Partners
th
366 Madison Ave, 5 Floor
New York, NY 10017
212-710-5252 / 212-710-5251 (fax)
hugh.kelly@srsre.com
All areas west of the Mississippi River, but currently
focused on: ARIZONA, CALIFORNIA, COLORADO,
LOUISIANA, MISSOURI, NEVADA, and TEXAS
All areas in the far northeast, but currently focused on:
CONNECTICUT, MASSACHUSETTS, NEW JERSEY and
NEW YORK
Last Updated: 3/25/11
Real Estate Opportunity
Las Vegas ICSC – May 2011
Our Profile
• 262 Store National Retailer in 29 States, Primarily in Southeast and Southwest
• Specialty Store Fashion at Discounted Prices in Department Store Environment
• Located in Regional, Power or Community Centers
• Sales by Category – Ladies’: 63%, Men’s: 22%, Home: 12%, Other: 3% (2010)
Las Vegas ICSC – May 2011
1
Store Overview
• Department Store Shopping Experience
• Specialty Merchandise
• Convenient Location
• Every Day Low Price Value Proposition
• Merchandise Presented by Brand
Las Vegas ICSC – May 2011
2
Our Customer
Core Customer
New Customer
• Female 45‐60 years of age
• Above average income
• Married and college educated
• Works at least part‐time in professional position
• Style conscious and value seeker
• Highly loyal
• Female 35‐44 years of age
• Above average income
• Multicultural
• Married or single with children at home
• Works full‐time • Trendy, looking for work to social
• Value‐driven
Las Vegas ICSC – May 2011
3
Store Overview
• Size: Preferred Footprint is 28,000 ‐ 32,000 ft² • Cost: Construction Costs of approximately $35 per ft² above a Stein Mart shell
• Preferred Real Estate: Regional, Power, Community, Grocery Anchored and Lifestyle Centers
• Preferred Co‐Tenancy: Target, Upscale Grocers, Large Box Apparel, Lifestyle Specialty Shops, Home Goods, Craft Stores, Theaters, Nicer Restaurants
• Preferred Demographics: CBSAs of 300,000+ with 5 mile Radius Population of 150,000+ & Average Household Income of $80,000+ (adjusted by region)
Las Vegas ICSC – May 2011
4
Stein Mart Transformation
• Senior Management Team
•
•
•
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•
•
President & CEO – David Stovall – Belk, Bloomingdales, Woodward & Lothrop
CFO – Greg Kleffner ‐ Kellwood, Arthur Andersen
Chief Merchant – Brian Morrow ‐ Macy’s West, Marshall Field’s, Mervyns
Chief Administrative Officer – Hunt Hawkins ‐ Genesco
Director of Stores – Gary Pierce – Belk, Dillard’s
V.P. Real Estate – Kirk Light – Shoe Carnival
• Infrastructure Enhancements
•
•
•
Refurbishing Stores
New Supply Chain
Store and Merchandising Systems
Las Vegas ICSC – May 2011
5
Focus on Sales Growth
• Expanding Customer Base
• Distinctive Merchandise
• Marketing Emphasis
• Real Estate Initiatives
Las Vegas ICSC – May 2011
6
Grow Designer and National Brands 525 American
“J” by Jones
Nike
7 for all Mankind
Anne Klein
Jack Nicklaus
Jessica Howard
Nine West
Not Your Daughters Jeans
Ashworth
Jhane Barnes
OXO
August Silk
BCBG MAXAZRIA
Jones N.Y. Collection
Kasper
Quicksilver
Ralph Lauren (Intimates)
Bobby Jones
Kenneth Cole
Riedel
Callaway
Calvin Klein
Kenzie
Lafayette 148
Robert Talbott
Seven 7 Jeans
Coach
Columbia
Laundry by Shelli Segal Spanx Swim
Le Suit
Steve Madden
Cutter & Buck
London Fog
Tahari
Dooney and Bourke
Lucky Brand
Theory
Ellen Tracy
Evan Picone
Faconnable
Godiva
Greg Norman
Magaschoni
Maggie London
Margaritaville
Michael Kors
Muse
Tommy Bahama (Home)
Tommy Hilfiger
Under Armour
Vera Bradley
Vineyard Vines
Guess
Nautica
Vivienne Tam
Hickey Freeman
Nicole
Waterford
Izod
Las Vegas ICSC – May 2011
7
Marketing
• New Television Commercials
• Leveraging Social Media
• Facebook Over 150,000 Fans
• New Tag Line – ‘More Fashion, Less Price’
• Targeting E‐mail and Direct Mail
• Leveraging Preferred Customer Membership
Las Vegas ICSC – May 2011
8
Real Estate Initiatives
• Upgrade Underperforming Locations
• Expand in Successful and Under‐penetrated Markets
• Fresh look for New and Remodeled Stores
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•
•
•
Jacksonville, FL ‐ Lakewood
Scottsdale, AZ ‐ Promenade
Sarasota, FL ‐ Pavilion
Madison, MS ‐ Grandview
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•
•
•
Tempe, AZ ‐ Marketplace
Atlanta, GA ‐ Northpoint
Dallas, TX ‐ Hurst
Kansas City, KS ‐ Lenexa
Las Vegas ICSC – May 2011
9
Store Network
262 Stores in 29 States
Red – Large target markets
Blue – Other target markets
Las Vegas ICSC – May 2011
10
Financial Turnaround
2008
2010
• Net Loss: ($1.72) per diluted share
• Net Income: $1.08 or $0.86 as adjusted* per diluted share
• Net debt of $11 million
• Cash of $80 million
• Comps sales: ‐10.9%
• Comps sales: ‐1.8%
• Gross Profit: 22.2% of sales
• Gross Profit: 26.4% of sales
• SG&A: 29.8% of sales
• Operating Loss: ($54.7) million*
• SG&A: 24.4% of sales
• Operating Income: $47.8 million*
*excluding store closing and impairment in both years; in 2010 excluding net breakage gain in second quarter and reversal of tax valuation allowance. Las Vegas ICSC – May 2011
11
Financial Strength and Stability
• Publicly Traded (NASDAQ) with Market Capitalization of over $400 million • $94 million in Cash
• No Borrowings
• Available Credit Line of $150 million
• Management Ownership
• Family Visionary, Jay Stein has 38% ownership
Las Vegas ICSC – May 2011
12
High Quality Tenant
• Stein Mart Customer Profile Adds Desirable Traffic
• Attractive New Store Design and Shopping Experience
• Marketing Initiatives to Attract New Customers
• Strong Balance Sheet and Credit
• New Management Team Delivering Positive Results
• Access to Senior Executive Decision Makers
Las Vegas ICSC – May 2011
13
Contact Information
Kirk Light
Vice President, Real Estate
klight@steinmart.com
904‐346‐1571
David Darr
Tenant Representative West of the Mississippi
david@theplacesa.com
210‐525‐0131
Andy Hofheimer Tenant Representative East of the Mississippi
ahofheimer@regencycenters.com
904‐598‐7616
Eric Termansen
Tenant Representative for Arizona
etermansen@w‐retail.com
602‐778‐3745
Hugh Kelly
Tenant Representative New Jersey to Maine
hugh.kelly@srse.com
212‐710‐5252
For Additional Information on Stein Mart visit www.steinmart.com
Las Vegas ICSC – May 2011
14