Coach and General Growth Properties Announce Program to Advance Store Growth; About 25 New Coach Stores to Open at General Grow
May 18 2006 - 7:00AM
Business Wire
Coach, Inc. (NYSE: COH), a leading marketer of modern classic
American accessories and General Growth Properties, Inc. (NYSE:
GGP), the country's second largest owner, developer and manager of
high quality retail regional malls, announced today that they have
formed an alliance to open or expand Coach retail stores in General
Growth's premiere malls and lifestyle centers over a two year
period beginning this fall. This agreement encompasses a total of
about 35 'deals in principle' and will include opening about 25 new
Coach retail stores and expanding and/or renewing an additional 10
locations over a two-year period. Lew Frankfort, Chairman and Chief
Executive Officer of Coach, Inc. said, "We are particularly pleased
about our alliance with General Growth, which will allow us to
capitalize on some outstanding real estate opportunities in many of
their best malls. Some of Coach's highest volume stores are in
General Growth-owned shopping centers in the U.S. - such as Natick
Mall, outside of Boston, Beachwood Place and Kenwood Towne Centre,
both in Ohio - all of which will be targeted for expansion under
the new arrangement. In addition, this more structured type of
multi-property agreement will allow Coach to better execute our
growth strategy to reach more customers in both new and existing
markets." "Our partnership with Coach fits perfectly with our
blueprint to create world-class shopping and entertainment
destinations," said John Bucksbaum, chief executive officer of
General Growth Properties. "Coach is a brand partner that
complements our strategy. We are both committed to providing only
the best in retail and customer service." Coach, with headquarters
in New York, is a leading American marketer of fine accessories and
gifts for women and men, including handbags, women's and men's
small leathergoods, business cases, weekend and travel accessories,
footwear, watches, outerwear, scarves, sunwear and related
accessories. Coach is sold worldwide through Coach stores, select
department stores and specialty stores, through the Coach catalog
in the U.S. by calling 1-800-223-8647 and through Coach's website
at www.coach.com. Coach's shares are traded on The New York Stock
Exchange under the symbol COH. General Growth Properties, Inc. is
the second largest U.S.-based publicly traded Real Estate
Investment Trust (REIT). General Growth currently has an ownership
interest in or management responsibility for a portfolio of more
than 200 shopping malls in 44 states, as well as ownership in
planned community developments and commercial office buildings. The
portfolio totals approximately 200 million square feet of retail
space and includes more than 24,000 retail stores nationwide.
General Growth Properties, Inc. is listed on the New York Stock
Exchange under the symbol GGP. For more information, please visit
the Company Web site at http://www.generalgrowth.com.
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