Simon announces Neiman Marcus to expand at Lenox Square (US)

Simon Property Group, Inc. 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 also announced that Barneys New York will open a flagship store at its Copley Place in Boston, Massachusetts. The two-level, 46,000 square foot store is scheduled to open in the spring of 2006. It represents Barneys New York's first new flagship store in over 11 years.

Allen Kaplan, senior vice president of leasing at Simon said, "We're thrilled that Barneys is going to locate a flagship store at Copley Place. Their arrival reinforces Copley Place as the premier luxury shopping destination in the Boston market." Copley Place is one of the nation's most productive malls with sales per square foot of $800.

Simon also announced today that Barneys agreed to extend its lease for its store at The Mall at Chestnut Hill in Newton, MA. Barneys has operated at that location since 1989 in a 6,200 square foot store.

Source: Simon

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