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Stein Mart history
Stein Mart company history timeline
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 his son, Jake Stein, took over the company upon his father Sam's death in 1932.
Upon his death in 1932, Stein's son Jake took over the store and redirected its focus toward discounted clothing.
Boutique ladies would consult with in-store clothing buyers to stock stores and ensure that Stein Mart kept abreast of trends. Thus, when Stein Mart expanded into Memphis in 1977, Stein and his wife developed a designer boutique within the store and sought out local shopping mavens to operate it.
Carey, Bill, "Stein Mart's Growth Impressive," Gannett News Service , February 10, 1994.
Beginning in 1995, Stein Mart leased its shoe and fragrance departments to independent operators in order to provide customers with full-service without taking on additional stock.
As of early 1997, company stock was cited as a good purchase by several brokers and received flattering coverage in a number of investor publications.
According to Stein Mart's early 1997 10K report, the company planned to open between 26 and 28 stores in 1997, some in states new to the company, such as California, Nevada, Iowa, and Wisconsin.
Retail executive Gwen Manto was brought in as an executive vice-president in 2000 to revamp the company's merchandising strategy.
In 2002, Jay Stein stepped down as CEO but remained as chairman and the largest Stein Mart shareholder.
In 2003, Stein Mart introduced the "Real Shopper" campaign with support from Orlando-based advertising agency, Fry Hammond Barr.
In 2003, Michael D. Fisher took over as CEO while Manto was named vice-chairman.
In 2003, Stein Mart shuttered 16 unprofitable locations.
In 2004, sales increased by 8 percent over the previous year while net income reached $38 million, the second-highest amount in company history.
Plans were in the works to open 15 new stores in 2005.
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.
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.
In 2010, Stein Mart started working with Perfumania in 2010 to stock an assortment of fragrances.
Stein Mart expanded their home department in 2010, adding houseware and décor for the house.
In September 2011, he announced his retirement, leaving Jay Stein to take over as the interim CEO.
Hawkins had been with the company for 20 years, starting as Senior Vice President of Human Resources and COO since December 2011.
In 2013, the company reported a profit of $25.6 million with operation of 260 stores in 29 states.
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.
On March 15, 2016, Stein Mart named Dawn Robertson as CEO, replacing Jay Stein.
On January 26, 2017, the company announced the appointment of MaryAnne Morin as president and "interim" was removed from the CEO title of D. Hunt Hawkins.
In January 2018, Stein Mart announced that it would explore strategic alternatives for the company.
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Stein Mart competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Kohl's | 1962 | $16.2B | 110,000 | 1,400 |
| Nordstrom | 1901 | $15.0B | 74,000 | 951 |
| Bon-Ton | 1898 | $2.7B | 23,300 | 14 |
| Lord & Taylor | 1826 | $1.4B | 9,000 | - |
| Bealls | 1915 | $1.8B | 10,001 | 40 |
| SHOE SHOW | 1960 | $6.2B | 140 | 1 |
| Tailored Brands | 1973 | $2.9B | 19,300 | 660 |
| Chico's FAS | 1983 | $2.1B | 18,500 | 2,252 |
| Dillard's | 1938 | $6.6B | 40,000 | 17 |
| Cost Plus World Market | 1958 | $963.8M | 6,127 | 541 |
Stein Mart history FAQs
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Stein Mart may also be known as or be related to Stein Mart, Stein Mart Inc, Stein Mart Inc. and Stein Mart, Inc.