Stein Mart, which specializes in discounted designer clothing, opened its third local store Thursday as part of an ongoing expansion in the Washington area.
The off-price chain took over the Loehmann’s location in Falls Church, which closed in February after the company went out of business.
Stein Mart’s other Washington-area stores are in Chantilly and Leesburg.
“We’ve had our eyes on the Northern Virginia-D.C. area for quite some time,” said Hunt Hawkins, chief operating officer and president of the company. “We think this is an area that has a lot of our customers.”
The retailer’s target demographic, Hawkins said, is women aged between 45 and 60 with higher-than-average household incomes. Stein Mart’s designer selection includes purses by Kate Spade, ties by Versace and dresses by Rachel Roy.
“Typically she has grown children but still likes to dress up,” Hawkins said.
Stein Mart, which was founded in 1902, has more than 260 locations throughout the country. The Jacksonville, Fla., company plans to open 10 stores this year, and another 15 in 2015.
“We are scouring the Washington area,” Hawkins said. “We have brokers looking all over.”
Off-price retailers such as Filene’s Basement and Loehmann’s have closed stores in recent years, as outlet malls, T.J. Maxx and other retailers edge out operators that have long relied on scooping up excess designer inventory.
Stein Mart, however, seems to be faring well. The company posted an 8.9 percent increase in same-store sales in April. Last year, the retailer reported $1.26 billion in revenue, a 2.5 percent increase from the year before.
“A key part of our sales growth strategy is to increase our store base in targeted markets,” Jay Stein, chief executive of Stein Mart, said in a statement.