Shoe Show Grows

Koyt Everhart, regional director of real estate for Shoe Show's southern sector, tells GSR that the game book is focused on one thing--location. "I'll take as many good ones as I can get," he says, "and that's the way the president of the company would answer." He predicts the footwear retailer will have 935 stores in its network when the fiscal year ends in August.

The Just for Feet locations are larger boxes than the chain usually operates in its three store brands, but Everhart says there won't be any trouble in walking in its competitor's shoes. The stores range from 15,000 sf to 26,000 sf versus the 3,000 sf to 6,000 sf that's commonly associated with the privately owned company's store brands of Shoe Show, Shoe Dept. and Burlington Shoes. The package includes stores in San Antonio, McAllen and El Paso and one in Albuquerque. The other three are east of the Texas line.

Everhart says the larger boxes will be branded as Shoe Dept., an inventory of name-brand shoes most often boxed in 5,000-sf to 6,000-sf, inline stores at newer shopping centers. Though negotiations are underway for additional Just for Feet boxes, the Shoe Show team is marching across the Southwest to add other stores in Oklahoma, Texas and New Mexico. "It just seems like there is a lot of new, good development going on out there right now," he says of the stepped-up interest in the Southwest.

The 44-year-old retailer opened its first store in Texas about five years ago. It has 30 open and six more set to roll out in Texas plus nine ready to go in Oklahoma. "When Rack Room and Famous Footwear started their rush to Florida, we rushed toward Texas," Everhart says.

The corporate-owned locations--from the ground up or leased--are being locked down by a committee of three: Robert B. Tucker, president and founder; Kirk Krull, vice president of real estate; and Everhart. The trio meets at least once a week and weighs the pros and cons of prospective locations. Once the nod's given, the site is paced through a due diligence, which can take up to a month. "During that time, we negotiate and have it ready so that if a site is selected we can get a signed lease in two weeks," Everhart explains. "It's quick and it's efficient." The fast-paced decisions are made possible because "we're not bound by Wall Street," he stresses.

As for criteria, locations are kept to towns with populations of 10,000 or more and draw from surrounding smaller towns. Everhart says the "beauty" of Shoe Show is a lineup with something for everyone. The Shoe Show stores' inventories are non-branded shoes and its chief competitor is Payless Shoe Source. Shoe Dept., which competes with Famous Footwear and Shoe Carnival, is brand-name inventory with shopping center appeal while Burlington Shoes is the 5,000-sf to 6,000-sf model for malls and outlet centers. The primary consideration, Everhart says, is co-tenancy. "We like good national ladies' fashion tenants for cross-shopping," he says.