Fashion retailer Stein Mart is betting on increasing sales and profit by increasing marketing efforts targeting Hispanics.
One way to increase sales is by reaching new customers, including a new campaign to target Hispanic shoppers with Spanish-language advertising, David Stovall, President and CEO of Stein Mart said on Tuesday’s annual meeting, according to the Florida Times Union..
Stein Mart, which operates 261 stores in 29 states, has started its Hispanic marketing at 15 stores in eight markets, including the Miami area, Dallas, Houston and Phoenix, Stovall said after the meeting. The company will consider expanding the program into other markets, including Jacksonville, FL, as the company sees the potential for sales growth by reaching more Hispanic customers.
Stein Mart, spends about $30 million annually in media. Last year’s total, for example, exceeded $27 million, according to Nielsen. (That figure doesn’t include online spending.)
Stein Mart recently hired Cross Media in New York. for media planning and the buying of broadcast and digital media: Universal Media in Charlotte, N.C. handles print media buying for Stein Mart.
For creative Stein Mart will soon start working with Arnold. Arnold’s assignment includes traditional and digital ads, according to Lynn Power, president of the New York office. The Havas agency’s first work is expected in September.