SMRT stock is moving up sharply and sets a new high for 2019 after Stein Mart Inc. (NASDAQ:SMRT) announced it will install Amazon Hub Lockers in its stores.
Jacksonville, Florida based Stein Mart has been a leading designer and fashion apparel retailer for quite some time. It currently operates as many as 283 stores across 30 states in the United States and has always been known for its innovative streak so that its customers could have a better experience.
SMRT Stock Jumps 30%
In a fresh development, Stein Mart today announced that it is going to install Amazon Hub Lockers in its stores so that Amazon customers can have a far better shopping experience. It is not a pilot project but actually a fully blown business decision that will see Amazon Hub Lockers in around 200 Stein Mart stores in the country.
Amazon (NASDAQ:AMZN) may be known for its e-commerce business but the company has a highly specialized tech arm that produces machines meant for chopping and hub lockers is a particularly interesting one. The Amazon Hub Lockers are meant for self-service for customers and an alternative to doorstep delivery. People can order online and pick or return merchandise through the locker.
Needless to say, the market was buoyed by this development and SMRT stock soared by an incredible 44% in Tuesday’s trading session.
The Chief Executive Officer of Stein Mart, Hunt Hawkins, said, “Customer service and convenience are top priorities at Stein Mart, and the ability to give both to Amazon customers was a big factor in our decision to introduce this program.”
An Amazon executive, who is in charge of the Amazon Hub Lockers project, stated that the company is focused on ensuring that the e-commerce giant’s customers are always provided with an excellent shopping experience at all times.
Most importantly, customers will not be charged anything extra for using these lockers and it promises to be a highly popular service. Stein Mart will start offering the service at some point in June.
SMRT stock is up a whopping 44% on very unusual volume and selling at $1.36. Moreover, the stock made a high of $1.44 earlier in the session, which is a new high for 2019.