The main-chain type of liquid crystal (LC) polymer was prepared with a combination of bibenzoate mesogen and 2-phenyl propane spacer. It forms the fluid smectic LC. However, the smectic phase has a two-dimensional frustrated structure with a (parallel to the layer) = 12.9 angstrom, c (along the polymer chain) = 20.6 angstrom and beta = 70.0 degrees. The occurrence of such a characteristic frustration is due to the bulky phenyl group sticking out of the propane spacer that is incompatible with a conventional smectic structure. The polymer assumes the regular chain folding conformation excluding the obstructive phenyl groups within a limited column-like space, and the resulting columns embedded in a smectic matrix are aligned with a two-dimensional positional order.