|Marcus Corporation Open-Air Fashion Mall in Brookfield, Wis. to Be Named The Corners of Brookfield|
MILWAUKEE, May 18, 2011 (BUSINESS WIRE) -- The Marcus Corporation (NYSE: MCS) today announced that its open-air fashion mall currently under development in the town of Brookfield, Wis. will be named The Corners of Brookfield.
The 460,000 square-foot development in suburban Milwaukee will be built on a 19-acre site that includes a former movie theatre and strip mall owned by the company and a former Menards home improvement store. Von Maur, the upscale department store chain headquartered in Davenport, Iowa, will open its first store in Wisconsin at The Corners. The project will also include other high-end retail stores, restaurants and office space, all served by a unique, single lower level of covered parking.
"We look forward to anchoring The Corners and are moving ahead with plans to build a 140,000 square-foot store that we expect to open in 2013," said Jim von Maur, president of Von Maur. "The Corners is without question the best location for our entry into Wisconsin. It has all of the key elements that are critical to us in making a major investment in a new store: excellent visibility, accessibility, convenient parking and density of households. We are excited about bringing the very special Von Maur customer experience to The Corners, which will be the most sought-after shopping destination in southeastern Wisconsin."
"We're proud to have put together a development that will bring a new, nationally renowned retailer to our state, create new jobs and add to the tax base. We plan to develop the entire open-air mall around Von Maur and are in talks with many other high-end national retailers who want to open stores in this project. With Von Maur as the anchor, The Corners will attract shoppers from a broad geographic area," said Katie Falvey, director of real estate for The Marcus Corporation.
"The Corners is located at the crossroads of three very important thoroughfares: I-94, Bluemound Road and Barker Road. There is history behind the name, as this area has been known for many years by local residents as Goerkes Corners. The Corners will quickly become a household name as a place to meet, shop, relax and dine," said Falvey.
The former movie theatre on the site was replaced by the Majestic Cinema, a major new entertainment destination located less than one mile away.
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries. The Marcus Corporation's movie theatre division, Marcus Theatres(R), currently owns or manages 684 screens at 55 locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio, and one family entertainment center in Wisconsin. The company's lodging division, Marcus Hotels and Resorts, owns or manages 18 hotels, resorts and other properties in nine states. For more information, visit the company's Web site at www.marcuscorp.com.
About Von Maur(R)
In 1872, the von Maur family opened its first store in a 20-by-50 foot rented storefront in Davenport, Iowa. Today, Von Maur has grown to a 25-location chain, with department stores in Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska and Ohio. The company will open its 26th store in Atlanta, Georgia, in the fall. Von Maur creates an enjoyable and unique shopping experience through its wide selection of brand-name merchandise, its open and attractive store design, amenities that enhance customer convenience and comfort, and its commitment to customer service. For more information, visit the company's Web site at www.vonmaur.com.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we "believe," "anticipate," "expect" or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, the United States' responses thereto and subsequent hostilities. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE: The Marcus Corporation