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Retail Briefs

Target’s Board Declares Quarterly Dividend of 17 cents per Share

Earlier this month, Target Corp.’s board of directors declared a quarterly dividend of 17 cents per common share – a 6% increase from the prior quarterly rate of 16 cents per common share.

The dividend is payable Sept. 10, 2009, to shareholders of record on Aug. 20, 2009. The third-quarter dividend represents the company’s 168th consecutive dividend paid since October 1967, when the company became publicly held.

Macy’s to Covert Former Gottschalks

Macy’s Inc. recently announced plans to open two new stores in the Central Valley area of California in the fall. Both sites are former Gottschalks stores, for which Macy’s submitted successful bids in the defunct regional department store chain’s bankruptcy process.

The stores are located in Fresno’s River Park section, and in the Visalia Mall in Visalia. The River Park unit is newer — built in 2004 — and measures 107,000 square feet; the Visalia site, which is nine years older, is larger at 150,000 square feet.

Stein Mart shareholders elect 11 members to board at annual meeting

At Stein Mart Inc.’s annual shareholder meeting earlier this month, shareholders elected eleven members of the company’s board of directors as well as voted on several other items.

They ratified the appointment of PricewaterhouseCoopers LLP as the independent registered certified public accountants for the fiscal year ending January 30, 2010. And two additional proposals, including an increase of the number of shares available in the Employee Stock Purchase Plan and the terms of the restated Stein Mart Management Incentive Compensation Plan, were also approved.

Also during the meeting, the company announced the retirement of James G. Delfs, svp, finance, cfo, who will remain with Stein Mart to assist in the search for and the transition to his successor.

Delfs has held his current post for the past 14 years.

Re-elected for a one-year term were: Jay Stein, chairman of the board, Stein Mart Inc.; Alvin R. “Pete” Carpenter, former vice chairman of CSX Corporation and lead director; Ralph Alexander, managing director of Riverstone and former ceo of Innovene; Irwin Cohen, senior advisor with the Peter J. Solomon Company and former Global Managing Partner, Retail and Consumer Products Practice, Deloitte and Touche LLP; Susan Falk, group president of Womenswear, Hartmarx Corporation; Linda McFarland Farthing, former president and ceo, Stein Mart Inc.; Mitchell W. Legler, general counsel to the company; Richard Sisisky, president of The Shircliff and Sisisky Company; Martin E. “Hap” Stein Jr., chairman and ceo of Regency Centers Corporation; and John H. “Jack” Williams, Jr., vice chairman of the board and former ceo of Stein Mart Inc.

Also elected was David H. Stovall, Jr., president and chief executive officer of Stein Mart Inc., who was appointed to the board in December 2008 when he joined the company.

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