Daily Record Financial News &
Tuesday, March 15, 2016
Vol. 103, No. 087 • One Section
35¢ www.jaxdailyrecord.com
Change at top for Stein Mart
Stein retiring as CEO, retail industry veteran Robertson taking over Stein Mart Inc. on Tuesday morning announced Jay Stein is retiring as CEO and named a longtime retail apparel executive to succeed him. Dawn Robertson, the new CEO, has more than 25 years of experience in the retail industry, Stein Mart said. The 70-year-old Stein will remain chairman of the company founded by his grandfather more than a century ago, but is giv-
ing up the CEO spot because of “his desire to step back from that position,” the company said in a news release. Jay Stein orig- Robertson inally retired as CEO of his namesake company in 2001 but remained chairman and its largest shareholder, controlling 32.8 percent of the stock, according to Stein Mart’s 2015 proxy statement.
Recruiter signs on to market District
A group that represents a new highprofile St. Johns Town Center area shopping center also has signed on to recruit retailers and restaurants to the proposed District project on the Downtown Jacksonville Southbank. A sign at The District – Life Well Lived – Jacksonville property along the south bank of the St. Johns River shows The Shopping Center Group is handling retail and restaurant leasing for the proposed almost 30-acre mixed-use development. It already is handling Town Center Promenade, which recently announced eight retailers and restaurants, including three eateries new to the market, for that 30-acre development. Michael Munz, president of the Dalton Agency PR Group and a partner with developer Peter Rummell in RummellMunz Equity LLC, said Monday The Shopping Center Group has been onboard for several months and representatives have been attending trade shows, scheduling meetings and working the retail side of the project. “I would categorize the response we have received as very positive,” Munz said. Don’t look for immediate announcements, however. “While we have quite a few very interested tenants and are engaged in very active conversations, we will not be announcing anything specific until we have prospects under contract,” he said. The Shopping Center Group sign at The District property includes a rendering of the proposed residential, hotel, commercial, retail and marina project, which developers have estimated as at least a $150 million build-out. Nancy Sumner and Stephanie McCullough are prominently listed as the Mathis continued on Page A-4
Public
Stein resumed the role of CEO on an interim basis in 2011 as the company began a search for a new leader but after two years, Stein decided to keep the job himself and take the “interim” tag off his title. Stein Mart last week reported adjusted earnings of 58 cents a share for the fiscal year ended Jan. 30, down from 72 cents in fiscal 2015, after disappointing sales in the latter part of the year. Robertson, 61, has a history of coming in to retailers that are looking for a turnaround,
including a stint as president of the Old Navy division of Gap Inc. Most recently, she became CEO of Deb Shops Inc. in Stein 2013, but that retailer filed for Chapter 11 bankruptcy in 2014 and closed its stores last year. Deb Shops still exists as an online retailer. “Dawn brings with her over
25 years’ executive management experience at major retailers and department stores,” Stein said in the news release. “With her leadership and industry knowledge, she will help us build on our growth initiatives and bring a fresh focus to our company and merchandising organization that will benefit us immensely,” he said. In addition to her role as CEO, Robertson will also serve as chief merchant, the company said. mbasch@baileypub.com
Surprise Scouting honor for federal judge
Photo by Max Marbut
By Mark Basch Contributing Writer
From left, U.S. District Judge Brian Davis receives the Distinguished Eagle Scout Award from Bill McCamy, chair of the North Florida Council Boy Scouts of America Eagle Scout Association Committee and 11th Circuit Court of Appeals Judge Gerald Tjoflat. See story on Page A-3.
Panel holds off on summer camp money By David Chapman, Staff Writer Mayor Lenny Curry’s goal of adding to $1.9 million to Jacksonville Journey anti-crime programs mostly made it out of the City Council Finance Committee intact Monday. Mostly. The committee set aside $350,000 slated for summer camp programs after Vice President Lori Boyer raised concerns about the level of funding already in place for those activities and how the new money would be used. The city’s summer camp program is administered by the Jacksonville Children’s Commission, which has a budget this year of $2.4 million for the camps. It was boosted to that total Feb. 23 when council provided $701,000. That money came from the commission’s fund balance to provide access for five weeks this year
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to another 1,870 children. “It’s kind of exploding,” Boyer said in an interview Monday evening. The additional Journey funding for camps was introduced last week. Boyer said if she had known more money was to be pegged for the summer camps, she would have asked for information and time to review. Additionally, the recommendation for the Journey-related funds doesn’t exactly match what the children’s commission has in place. The Journey summer camp money is recommended for seven-week programs that have a literacy education component included. The children’s commission camps are five weeks with no literacy aspect. The children’s commission staff already had made the recommendation for the five-week Camps continued on Page A-4
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