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Taubman and May Form Venture to Determine Willow Bend Lord & Taylor Store Replacement BLOOMFIELD HILLS, Mich., March 22 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE:TCO) and The May Department Stores Company (NYSE:MAY) today announced plans to form a venture to find a replacement for the Lord & Taylor store at The Shops at Willow Bend (Plano, Tex.), which will close to the public on April 30. The Lord & Taylor store at Willow Bend is one of 32 Lord & Taylor stores that May announced its intentions to divest in July 2003. "We look forward to working with May to find the right tenant for the Lord & Taylor space at Willow Bend," said William S. Taubman, executive vice president of Taubman Centers. "We are pleased with the center's strengthening sales performance, especially with the opening of the new Saks Fifth Avenue store this past September. Other recent additions include Anthropologie, Ann Taylor Loft, Sam Goody, and Finish Line. Brooks Brothers, Benetton and babystyle are coming to the center in 2005." The Shops at Willow Bend is located at the northwest corner of the Dallas North Tollway and West Park Boulevard and features more than 145 stores, restaurants and services plus five anchors: Neiman Marcus, Foley's, Dillard's, Lord & Taylor and Saks Fifth Avenue. For more information about the shopping center, visit http://www.shopwillowbend.com/ . Taubman Centers, a real estate investment trust, owns and/or manages 22 regional and super regional shopping centers in 10 states. In addition, two centers are under construction. Northlake Mall (Charlotte, N.C.) is scheduled to open September 15, 2005 and The Pier at Caesars (Atlantic City, N.J.) is scheduled to open in early 2006. The company is headquartered in Bloomfield Hills, Mich. Additional information about Taubman Centers can be obtained from the company's website at http://www.taubman.com/ . This press release contains forward-looking statements within the meaning of the Securities Act of 1933 as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the companies' filings with the Securities and Exchange Commission including their most recent Annual Reports on Form 10-K. DATASOURCE: Taubman Centers, Inc. CONTACT: Barbara Baker (Investors), +1-248-258-7367, Karen Mac Donald (Media), +1-248-258-7469, both of Taubman Centers; Pamela Deahl, Marketing and Sponsorship Director of The Shops at Willow Bend, +1-972-202-7115; or Sharon Bateman of The May Department Stores Company, +1-314-342-6494 Web site: http://www.taubman.com/ http://www.shopwillowbend.com/

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