April 12, 2004

ALA MOANA CENTER ANNOUNCES EXCITING NEW TENANTS

Plans call for some of the nation’s hottest retailers to join Ala Moana Center

HONOLULU—Ala Moana Center and General Growth Properties announced today that some of the nation’s hottest retailers and several exciting local stores have signed contracts to move into Ala Moana’s former JC Penney location.  Hawaii can look forward to a total of 30 new stores and restaurants, opening fall 2004 through spring 2005, including trend-setter Betsey Johnson.  Several existing tenants such as Guess, Sharper Image and Fendi will be relocating as part of the redevelopment.  The open-air top level will be home to several new dining establishments.  Additionally, new escalators, walkways and bridges will greatly improve access, connecting the renovated building to parking and to the rest of the center on all levels.  When the work is complete and the tenants have moved in, Ala Moana will boast a total of 270 stores and eating establishments.

“These are exciting times for Ala Moana Center,” said Senior General Manager Dwight Yoshimura.  “We are in a period of customer-focused expansion and development, so we are delighted to be welcoming new retailers to Hawaii, as well as to be working with local Hawaii retailers such as Tori Richards, Maui Divers and Sandal Tree who wish to strengthen their presence in this market.  This redevelopment will continue to enhance the quality and character of retailing in Hawaii.”
 
The redeveloped area includes 140,000 square feet of retail and restaurant space.  “We are looking forward to adding three to five new full-service restaurants to the fourth level in 2005.  A new escalator will provide direct access from the mauka parking area to this exciting new dining destination,” said Kay Day, Ala Moana’s Regional Vice President, Leasing. 

The renovated third floor will offer a group of teen, family and lifestyle-focused retailers in one location.  Among the stores families can look forward to on this level are many that will be new to Hawaii, including Hollisters, Journey’s and Build a Bear Workshop.  A new family comfort center, including a family lounge, children’s changing station and family restrooms will be added to the fourth level as well.

Ala Moana Center (www.alamoanacenter.com) is owned and managed by General Growth Properties, Inc.  General Growth Properties is the country's second largest shopping center owner, manager and developer.  General Growth currently has ownership interest in, or management responsibility for, a portfolio of 172 regional shopping malls in 41 states.  The company portfolio totals approximately 150 million square feet of retail space and includes over 16,000 retailers nationwide.  A publicly traded Real Estate Investment Trust (REIT), General Growth Properties is listed on the New York Stock Exchange under the symbol GGP.  For more information on General Growth Properties and its portfolio of malls, please visit the company Web site at www.generalgrowth.com.

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