Stein Mart 2015 Annual Report Download - page 11
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ITEM 2. PROPERTIES
Stores
The following table summarizes our store count activity during the last three fiscal years:
2015 2014 2013
Stores at beginning of year 270 264 263
Stores opened during the year 10 9 4
Stores closed during the year (2) (3) (3)
Stores at end of year 278 270 264
As of January 30, 2016, our stores operated in the following 30 states:
State
Number of Stores
State
Number of Stores
Alabama
8
Missouri
3
Arizona
11
Nevada
5
Arkansas
2
New Jersey
5
California
26
New Mexico
1
Colorado
3
New York
4
Florida
43
North Carolina
20
Georgia
14
Ohio
8
Illinois
4
Oklahoma
4
Indiana
7
Pennsylvania
4
Kansas
2
South Carolina
12
Kentucky
2
Tennessee
12
Louisiana
8
Texas
44
Massachusetts
1
Utah
1
Michigan
2
Virginia
15
Mississippi
6
Wisconsin
1
We lease all of our store locations, generally for 10 years with options to extend the lease term for two or more 5-year periods. We have
the right to terminate some of these leases before the expiration date under specified circumstances and some with specified termination
payments. Most of our leases provide for fixed minimum rents, as well as contingent amounts based on a percentage of sales in excess of
specified levels.
As of January 30, 2016, we leased the following additional facilities:
Facility Location Square Feet
Distribution Lithia Springs, Georgia 342,000
Distribution Centers: Ontario, California 91,000
Grand Prairie, Texas 99,000
We also lease our 109,000 square foot corporate headquarters in Jacksonville, Florida.
As of January 30, 2016, the current terms of our 278 stores (assuming we exercise all lease renewal options) were as follows:
Number of Leases
Years Lease Term Expire Expiring
2016 1
2017-2020 11
2021-2025 52
2026-2030 72
2031 and later 142