December 29, 2003

KICK OFF THE NEW YEAR WITH FUKUBUKURO AT ALA MOANA CENTER

Japanese “game of chance” is the first shopping event of 2004

HONOLULU — Fukubukuro –– a Japanese New Year’s tradition –– is being held at Ala Moana Center on January 1, 2004.  Hundreds of shoppers are expected to line up in front of participating stores before the Center opens in hopes of purchasing a Fukubukuro bag.  Well known and widely practiced by Japanese retailers, Fukubukuro literally means “surprise” (fuku) “bag” (bukuro), and is a “grab bag” style purchase –– sealed to keep its contents a mystery and priced at least 50 percent off the total retail value of the items inside.

Ala Moana Center celebrated New Year’s 2003 with the imported Japanese concept of Fukubukuro, with shoppers identifying participating stores by the red and white Fukubukuro signage and bags displayed. Appealing to shoppers because of the greatly discounted price of the merchandise and the surprise and excitement of discovering what’s inside the bag, New Year’s Day Fukubukuro received a great response from both shoppers and retailers, motivating Ala Moana Center to schedule Fukubukuro again this summer, and once more on New Year’s Day 2004.

Participating stores include Agnes B., Baccarat, Blumarine/Anna Molinari, Burberry, Celine, Fendi, Folli Follie, Hilo Hattie, Locals Only, Pacific Harley-Davidson, Salvatore Ferragamo, Sephora, The Compleat Kitchen and Christian Dior.  Fukubukuro bags range in price and the event runs throughout the day –– from 9:30 a.m. to 9 p.m. –– while supplies last.

“Fukubukuro is a tradition in Japan that builds excitement into the shopping experience,” said Sharon James, regional vice president of marketing for General Growth-Hawaii.  “We’re truly looking forward to it as it allows us to continue delivering the best and most unique shopping to our visitors.”

Ala Moana Center is owned and managed by General Growth Properties, Inc.  General Growth Properties is the nation’s second-largest shopping center owner, developer and manager.  General Growth currently has ownership interest in, or management responsibility for, a portfolio of 160 regional shopping malls in 39 states.  The company portfolio totals approximately 140 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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