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Baker's Square Might Need Anchor
Saturday, February 07, 2009 4:02 AM


(Source: Omaha World-Herald)trackingBy John Keenan, Omaha World-Herald, Neb.

Feb. 7--Stein Mart's announcement that it will close its store at 13415 West Center Road in May means Baker's Square might soon be without an anchor store.

Baker's Supermarket pulled out of the strip mall that bears its name early last year. Petco, which occupies a third large space, will close Feb. 22 and reopen a day later in L Street Marketplace near 125th and L Streets.

Jeff Keating, vice president of PDM Inc., which owns Baker's Square, said Friday that he had not been notified by Stein Mart that the store, which sells upscale clothing and other merchandise at discounted prices, would close.

Regardless, Keating said, the shopping center, which was created in the early 1970s, still is in a great location with impressive demographics and traffic counts.

"We've been actively marketing the property, and actually working with three different national retailers," he said, adding that he couldn't reveal their names.

Stein Mart shopper Julia Purcell of Omaha said Friday she will be sad to see the store close.

"They have a wide variety of clothing, lots of sizes, men's, women's, and you can get a good price," she said as she left the store with a purchase. "I'm trying to think of where else I'm going to shop."

With Stein Mart gone, Purcell said, she was unlikely to go to Baker's Square anymore.

Stores in the shopping center face 132nd Street or West Center Road. They include a phone store, card and party goods outlet, beauty salon, barbershop, plus-size women's clothing shop and professional offices, among others. Outbuildings house a Chipotle Mexican Grill and Paycheck Advance.

The intersection of 132nd Street and West Center Road has seen a number of changes recently, including stores closing or moving.

A Target near the northeast corner of the intersection closed in March 2008. Garden Ridge home decor now occupies the space.

Montclair on Center, a strip mall at the southeast corner of the intersection, underwent a major renovation in 2006. The Sports Authority left Montclair, but Zio's Pizza moved across 132nd Street from Baker's Square in December 2006.

Susan Edelman, director of investor relations for Stein Mart, said the Omaha store was one of about a dozen the company will close this year. It shuttered 10 stores in 2008.

Stein Mart opened in Baker's Square in August 2004, describing itself as a hybrid of department and traditional discount store. It employed 45 to 50 people.

Scott Strunc, president of Husker Hounds, which has a store at Baker's Square, said he was surprised and dismayed by the departure announcement.

"Unbelievable," said Strunc. "In that area of town, there's just no reason . . ."

Strunc said the loss will have a big impact on the small businesses still operating there.

"Small businesses like ours really are energized by the anchor stores," he said. "I will start to actively look for a new home for our store."

Keating said PDM plans to revitalize Baker's Square. Building new or renovating existing buildings were possibilities, he said.

He also said retaining existing tenants was a priority.

"It's going to remain a very good retail area for the city of Omaha. It's simply in transition."

World-Herald staff writer Andrew J. Nelson contributed to this story.

--Contact the writer: 444-1074, john.keenan@owh.com

-----

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Copyright (c) 2009, Omaha World-Herald, Neb.

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(2)
 
3/2/2009 11:23:51 PM
STEIN MART WILL NOT RECOVER by LOUIS SMITH

Stein Mart Will Not Recover From the Huge Dip in their Stock's From $9.00 last Summer to Under a Dollar Today!!!  NO HOPE FOR RECOVERY!!!

Stein Mart (SMRT) Reports SSS Down 8.5%; Reduces Expense Structure By $25M




Stein Mart (Nasdaq: SMRT) reported same store sales down 8.5%.

As a result of the continued sales declines and the uncertainty of future business trends, a number of additional expense reduction actions will be effective immediately. These include reducing the number of assistant managers in most Stein Mart stores from two to one, resulting in the elimination of 178 positions, and the contraction of some additional store workforce hours. In addition, 31 field and corporate positions are also being eliminated, including 12 positions at the home office in Jacksonville. All remaining management will sustain a five percent salary reduction, and the Company has suspended its corporate matching contribution to associates' 401(k) and deferred compensation plans.

These initiatives should help align selling, general and administrative (SG&A) expenses with the Company's reduced revenues, and are in addition to earlier, already-announced reductions in management headcount, associate workforce hours and renegotiated contracts for non-merchandise procurement. Today's announcement and the earlier actions together should result in savings of $25 million in 2009. These savings do not include any benefit from the previously announced changes to the Company's supply chain/distribution process, which are expected to provide significant benefits when fully operational in 2010.
Rating: (1) (0)
3/2/2009 11:26:09 PM
DO NOT INVEST IN STEIN MART STOCKS by LOUIS SMITH


WARNING!!! DO NOT INVEST IN STEIN MART STOCKS.... THEY WILL BE GOING UNDER BY THE END OF 2009!!!

Stein Mart (SMRT) Same Store Sales Down 16.7% in January

February 5, 2009 8:51 AM EST

Stein Mart, Inc. (Nasdaq: SMRT) today reported total sales and comparable store sales for the month of January were $67.1 million and down 16.7%, respectively.


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Comments

STEIN MART SALES FOR FEB ARE DOWN BY 42% AND IT WILL ONLY GET LOWER
LOUIS SMITH on Feb 23, 2009 02:21 PM

WARNING!!! DON'T INVEST IN STEIN MART STOCK!!! I'VE HEARD FROM A INSIDER THE STEIN MART PLANS TO CLOSE ALL OF THEIR STORES THIS YEAR.. DO NOT INVEST IN THIS SINKING COMPANY...

STEIN MART CEO SAID'S THEY WILL CLOSE ALL STORES BY THE END OF 2009
Louis Smith on Feb 23, 2009 02:16 PM

STEIN MART WILL CLOSE ALL OF THEIR RETAIL STORES BY THE END OF 2009. DON'T BE A FOOL AND BUY A DIME OF THEIR STOCK. STEIN MART IS HISTORY AND WILL NOT RECOVER THIS TIME. THEIR STOCK IS BELOW A 1.00 NOW!! GUY'S DON'T BE A FOOL THEIR IS NO HOPE FOR STEIN MART. THEY ARE ONLY A JOKE!!!


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