Stein Mart bows out of Iowa

Stein Mart bows out of Iowa BY TODD RAZOR Stein Mart Inc. will close its West Des Moines store this summer, following a 13-year run at 1600 Valley West Drive.

"Unfortunately, we will be exiting the market," said Susan Datz Edelman, director of stockholder relations at the company's Jacksonville, Fla., headquarters. "That store is going to close this summer, probably toward the end of July."

A turbulent economy has forced Stein Mart to take an inventory, Edelman said, as it tries "to make the chain more productive."

"Over the past couple of years, we have had to identify underperforming stores across our chain," she said, noting that in 2009, the discount fashion retailer opened two stores and closed 11, including one in Omaha.

As of Jan. 30, Stein Mart was operating 267 stores nationwide.

According to Stein Mart's February sales report, total sales for that month were $74.5 million, down 11.4 percent from $84.1 million in February 2009. Comparable-store sales dropped 9.3 percent on a year-over-year basis.

Edelman said the chain doesn't disclose sales figures for individual stores.

The report indicated, however, that sales in regions least affected by severe winter weather, including Florida, California and Arizona, "were considerably better than the company trend."

Edelman said the decision to close the West Des Moines store wasn't reflective of its associates or customers. But the location "has not performed to the level we needed it to perform in order for us to continue operations there."

She said she wasn't sure exactly how many employees will lose their jobs as a result of the shutdown, adding that a typical Stein Mart employs about 40 full- and part-time workers.

When operations cease, nearly 70,000 square feet of retail space will hit the market.

The building, located on 3.7 acres, has been listed for sale or for lease by Clive-based Stanbrough Realty Co. LLC.

"I think being close to the (Valley West) mall, close to a grocery store and right next to the interstate" will be a draw to potential tenants or buyers, said Jeff Stanbrough, president of Stanbrough Realty, noting that the property has a $3.5 million price tag.

Reader comments Posted: Thursday, May 20, 2010
Article comment by: Sally

a very favorite store for gifts, for hose for self as hose are very hard to find currently, all other clothing/shoes for self too, men's clothing, loved the Garcia ties, my son is an adult S, it is only store that consistently stocks S in shirts sometimes in pants..Spouse is an XL and found good stuff for him whenever..HOWEVER, I stopped shopping there as much when you changed the automatic discount for seniors on Tuesdays some years ago. You had a real estate office with 130 agents just next door 1516 35th St/Valley West Dr who hit the store on Tuesdays especially..lots of older women..once we had to have a coupon or such it was cumbersome..time consumption to jump through hoops does not appeal so you lost business to the traditional retailers

Posted: Thursday, March 11, 2010
Article comment by: Teresa Westrum

NOWAY!!!!.. So sad....I Love Stein-Mart...now where will I shop for good bargains on good clothes and shoes!!!

Posted: Thursday, March 11, 2010
Article comment by: DAN GILBERT

A very sad day indeed. We love your store and shop there on a weekly basis. We will be very sad to see it close.

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