Taubman Announces Nordstrom Opening, Marshall Field's and Mall Expansion at Twelve Oaks Mall
April 19 2005 - 11:01AM
PR Newswire (US)
Taubman Announces Nordstrom Opening, Marshall Field's and Mall
Expansion at Twelve Oaks Mall BLOOMFIELD HILLS, Mich., April 19
/PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE:TCO) today
announced plans for the addition of a 165,000 square foot
Nordstrom, a 60,000 square foot expansion and renovation of
Marshall Field's, and approximately 90,000 square feet of
additional new store space at its Twelve Oaks Mall in Novi,
Michigan. The construction on all elements is expected to begin in
early 2006 and be completed by fall 2007. The mall will expand from
approximately 1.2 to 1.5 million square feet. "We are thrilled to
expand our Twelve Oaks Mall offering with additional shopping
options, including a brand new Nordstrom and an expanded Marshall
Field's," said Robert S. Taubman, Taubman chairman, president, and
chief executive officer. "This expansion responds to the tremendous
growth in the Oakland County market, one of the fastest growing
regions in the United States, and further positions Twelve Oaks
Mall as one of the leading shopping centers in the country." The
expansion will bring over 800 permanent jobs and 1,100 construction
and design-oriented jobs to Oakland County. Nordstrom will be
located on the southeast corner of the shopping center, on the
fifth anchor pad which has been planned for expansion since the
mall opened in 1977. It will be connected to the mall by the new
tenant stores. The two level Nordstrom store will offer a unique,
quality selection of shoes, clothing and accessories for men, women
and children in well-known national brands and lines exclusive to
Nordstrom. "We have had the privilege of serving customers in Troy
and the surrounding metropolitan Detroit area for almost 10 years,"
said Erik Nordstrom, executive vice president of full-line stores
for Nordstrom. "A new store at Twelve Oaks Mall will allow us to
more conveniently serve customers in the western communities of the
greater Detroit area. We are thrilled to be building a brand new
store there." The three-level Marshall Field's store will undergo a
complete renovation of its interior, including new flooring,
improved lighting and fixtures, as well as a new ceiling system.
The store exterior also will be updated with a more contemporary
design and a new entrance. "As a long-standing anchor, we're
delighted to be part of the exciting transformations taking place
at Twelve Oaks Mall," said Frank Guzzetta, Marshall Field's
president and chief executive officer. "This is a wonderful
opportunity for Marshall Field's to further expand our unique
merchandise offerings and services to our guests." 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/ . Nordstrom, Inc. is
one of the nation's leading fashion specialty retailers, with 151
U.S. stores located in 27 states. Founded in 1901 as a shoe store
in Seattle, today Nordstrom operates 95 full-line stores, 49
Nordstrom Racks, five Faconnable boutiques, one free-standing shoe
store, and one clearance store. Nordstrom also operates 31
international Faconnable boutiques, primarily in Europe.
Additionally, Nordstrom serves customers through its online
presence at http://www.nordstrom.com/ and through its direct mail
catalogs. Nordstrom, Inc. is publicly traded on the New York Stock
Exchange (NYSE:JWN). Marshall Field's full-service department
stores have a 150-year legacy of fashion leadership and retail
excellence. Marshall Field's inspiration for unexpected merchandise
originates from its legendary State Street store in Chicago, which
sets the bar as the most exciting destination in retail. As a
division of The May Department Stores Company (NYSE:MAY), Marshall
Field's operates 62 stores in eight states and can be found at
fields.com. Marshall Field's has a rich history of contributing to
nonprofit organizations and civic causes, including support for
education, arts and culture, and health and welfare through
Marshall Field's Gives. 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 company's filings with the Securities and Exchange Commission
including its most recent Annual Report on Form 10-K. DATASOURCE:
Taubman Centers, Inc. CONTACT: Barbara Baker, VP, Investor
Relations, +1-248-258-7367, Karen Mac Donald, Director,
Communications, +1-248-258-7469, both of Taubman Centers, Inc.;
Deniz Anders of Nordstrom, +1-206-373-3038; Jennifer McNamara of
Marshall Field's, +1-612-375-4163; or Peggy Hayes, Director,
Marketing & Sponsorship of Twelve Oaks Mall, +1-248-348-9438
Web site: http://www.taubman.com/ http://www.nordstrom.com/
http://fields.com/
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