First Phase of Forever 21 Stores Open for Business in Macerich-Owned Mervyns Sites
February 23 2009 - 7:22AM
PR Newswire (US)
- Eleven Large Format Forever 21 Stores to Open Doors in February
and March - SANTA MONICA, Calif., Feb. 23 /PRNewswire-FirstCall/ --
Forever 21 is on schedule to open 11 large-format stores by the end
of March in former Mervyns locations owned by Macerich(R)
(NYSE:MAC), one of the nation's largest owners, operators and
developers of regional shopping centers. This value fashion
retailer will begin the openings on Thursday, Feb. 26. Macerich
purchased 39 Mervyns sites in December 2007 and two Mervyns sites
in first quarter 2008 to gain long-term control of the
well-positioned retail real estate - both in Macerich's own
shopping centers and in other properties. Forever 21 prevailed in
the auction of Mervyns' leaseholds held Dec. 10, 2008, and, along
with Kohls, claimed 22 of the locations owned by Macerich. "Forever
21 is a very strong player in today's changing retail landscape and
will add considerable value to the recycled Mervyns sites that we
acquired," said Randy Brant, Executive Vice President, Macerich
Real Estate. "This retailer has taken very innovative steps in
growing its brand, securing the markets that offer opportunity for
growth and matching their merchandise and experience to what
consumers are looking for." The first phase of openings of Forever
21 at Macerich-owned centers include: -- The Mall of Victor Valley
in Victorville, CA opening 2/26 -- Northridge in Salinas, CA
opening 3/6 -- South Towne Center in Sandy, UT opening 3/6 --
Arrowhead Towne Center in Glendale, AZ opening 3/27 -- Lakewood
Center in Lakewood, CA opening 3/27 -- Montebello Town Center in
Montebello, CA opening 3/27 Locations to open in the first phase
not in Macerich-owned centers are: Mall Del Norte in Laredo, TX;
Tucson Mall in Tucson, AZ; Crossroads Plaza in Calexico, CA; Valle
Vista Mall in Harlingen, TX; and Antelope Valley Mall in Palmdale,
CA. "Our business is primed to execute significant growth this year
in these large-format spaces," said Christopher Lee, Senior Vice
President, Forever 21. "This is an opportune time for our brand to
get into some of the best markets and key shopping centers in the
West." Forever 21 is pursuing an aggressive opening schedule, with
the new stores expected to open throughout 2009. Macerich is a
fully integrated self-managed and self-administered real estate
investment trust, which focuses on the acquisition, leasing,
management, development and redevelopment of regional malls
throughout the United States. The company is the sole general
partner and owns an 87% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 77 million square
feet of gross leaseable area consisting primarily of interests in
72 regional malls. Additional information about Macerich can be
obtained from the Company's Web site at http://www.macerich.com/.
DATASOURCE: Macerich CONTACT: Anita Walker of Macerich,
+1-602-953-6563 Web Site: http://www.macerich.com/
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