MEMPHIS, Tenn. (August 4, 1998) - - In its fastest attendance start ever, Belz Factory Outlet Malls, one of America’s leading tourist attractions, reports that a record 15.9 million shoppers visited its five U.S. locations during the first six months of this year, an increase of 7.5% over comparable 1997 figures.

Commenting on data from its just released Mid-Year 1998 Shoppers Index, which monitors traffic at its outlet centers in Orlando, Las Vegas, Pigeon Forge (outside Knoxville) and Lakeland (outside Memphis), Andrew J. Groveman, President of Belz Enterprises’ Factory Outlet Division, said his firm’s steadily rising attendance figures are a strong indication that "the romance between consumers and factory outlet malls is not only alive and well in this country, but it’s growing more passionate."

In addition to the "universal desire of people to shop for quality goods at bargain prices," Mr. Groveman also attributed the broadening appeal of his malls to a variety of factors, including "their strategic location, diverse mix of tenants, and a healthy national economy."

Those factors were particularly in evidence in Las Vegas where 3,670,291 shoppers – an impressive 19% increase over comparable 1997 figures – visited Belz Factory Outlet World on Las Vegas Boulevard, just off the legendary strip, during the first six months of this year. With over 140 famous name manufacturers now occupying over 625,000 square feet of retail space, the center is today the largest outlet mall under one roof in the United States.

The biggest factory outlet complex of them all, the 170-tenant, 700,000 square foot Belz Factory Outlet World in Orlando, and its neighboring 200,000 square foot Belz Designer Outlet Center, attracted a combined total of 7,628,394 visitors in the first half of 1998, a 7.5% increase over the previous year. Both properties, situated within a block of each other, are located in the heart of the International Drive and Universal Studios tourist area.

Tennessee’s largest factory outlet center, Belz Factory Outlet World in Pigeon Forge, has attracted 3,374,693 people to its approximately 85 outlet stores so far this year - - a pace even with its fine 1997 attendance.

And finally, the grand-daddy of all factory malls, Belz Factory Outlet World in Lakeland, again drew approximately 1.2 million shoppers during the first six months of this year as it had in 1997. The center, generally recognized as the first of its kind in the United States, opened in 1979.

A pioneer and industry leader in the development and management of factory outlet malls, Belz is currently building two new Belz Factory World projects in St. Augustine, Florida, and Puerto Rico.

Headquartered in Memphis, Belz Enterprises is a multi-faceted real estate company whose diversified portfolio of more than 25 million square feet includes 40 shopping complexes, ranging from community shopping centers to regional malls; industrial/warehouse/distribution facilities and developments; office parks and corporate campuses; residential developments; and hotels like The Peabody Hotels in Memphis and Orlando.