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|Neiman Marcus to Expand at Lenox Square|
- Simon Property Group Also Announces 35,000 Square Foot Addition to Iconic Atlanta Property -
INDIANAPOLIS, April 14 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE: SPG) announced two significant expansions at Lenox Square, its extremely successful mall located in the Buckhead section of Atlanta. Neiman Marcus will add 52,000 square feet to its existing 153,722 square foot store.
In addition, 35,000 square feet of small shops will be added in an upper- level expansion of Lenox Square. Both projects will be complete in the fall of 2007 and both the mall and Neiman Marcus will be open during the construction.
Preliminary work on the Neiman Marcus expansion, which will occur on all three levels of the store, will begin in the fall of 2006. The Lenox Square location represents Neiman Marcus' only store in the metropolitan Atlanta area.
"Neiman Marcus' expansion at Lenox Square reinforces Atlanta's strong appeal towards fashion and luxury goods," said Richard S. Sokolov, president and chief operating officer of Simon. "Neiman's success and desire to have a larger presence in Buckhead will further solidify this market place and provide more luxury goods to our consumers."
The mall expansion will add a second level of small shops to the existing one-level mall in the Neiman Marcus wing. This new second level of small shops will connect the mall to the expanded Neiman Marcus store.
Wayne Hussey, senior vice president of properties and new store development at Neiman Marcus said, "We are very pleased to be able to have this opportunity to expand and renovate our store in Lenox Square. The Buckhead area, and particularly Lenox Square, has continued to gain strength as the fashion destination for Atlanta. We are excited to have the opportunity to increase the distinctive merchandise assortment for the Neiman Marcus customer."
"Our properties in Buckhead (Lenox Square and the nearby Phipps Plaza) continue to attract great national and international brands, making our shopping experience at both locations extraordinary," Sokolov said. Bloomingdale's and Macy's join Neiman Marcus as the other anchors at Lenox Square.
Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet(R) centers and community shopping centers. The Company's current total market capitalization is approximately $36 billion. Through its subsidiary partnerships, it currently owns or has an interest in 296 properties in the United States containing an aggregate of 203 million square feet of gross leasable area in 40 states plus Puerto Rico. Simon also holds interests in 51 European shopping centers in France, Italy, Poland and Portugal; 5 Premium Outlet centers in Japan; one Premium Outlet center in Mexico; and one shopping center in Canada. Additional Simon Property Group information is available at http://www.simon.com .
The Neiman Marcus Group, Inc. (NYSE: NMG.A, NMG.B) operations include the Specialty Retail Stores segment and the Direct Marketing segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus and Bergdorf Goodman stores. The Direct Marketing segment conducts both print catalog and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names. Information about the Company can be accessed at http://www.neimanmarcusgroup.com .
SOURCE Simon Property Group, Inc.
/CONTACT: Les Morris of Simon Property Group, +1-317-263-7711/ /Web site: http://www.simon.com