FOR IMMEDIATE RELEASE

Five Belz Factory Outlet Worlds Rank In “Top 30 Outlet Center” Survey

Las Vegas (June 25, 1998) -- And the winner is…The nation’s outlet retailers have selected five Belz Factory Outlet Malls to rank among the “Top 30” performing outlet centers in the U.S. for 1997 in the annual survey conducted by the Outlet Retail Merchants Association (ORMA). Belz Enterprises was among several developers with multiple centers represented in the prestigious survey.

“We are very excited to be recognized for excellence by this professional association,” says Andrew J. Groveman, President of Belz Factory Outlet Mall Division of Belz Enterprises. “We strive to make our factory outlet malls a diverse mix of outlet shopping, entertainment and food to meet the needs of as many shoppers as possible.”

Belz Enterprises’ factory outlet world malls to rank on the Top 30 survey include: Belz Factory Outlet World - Las Vegas (Ranked #5); Belz Factory Outlet World Mall - II in Orlando, Fla. (Ranked #7); Belz Factory Outlet World - I in Orlando, Fla. (Ranked #15); Belz Factory Outlet World in Pigeon Forge, Tenn. (Ranked #29); and Belz Designer Outlet Centre in Orlando, Fla. (Ranked #30).

“It is an honor to be selected for just one category in the survey but to be chosen for five is really incredible,” says Mr. Groveman.     

Criteria for selection in the survey is based upon real estate research by ORMA which surveyed 130 corporate members on how their comp-store performance fared in the nation’s outlet centers. The retailers were to detail each center they tenant as to whether their store was in the chain’s top 25 percent, mid 50 percent, or the bottom 25 percent in terms of same-store sales.

Nearly 60 companies responded to the latest survey. In all, those companies operate a total of about 5,800 stores in 95 chains and formats. Chain size ranged from one to more than 700 units. A total of 11 developers operate the top thirty projects, but five developers account for 22 (73%) of the top 30.

Belz Enterprises is a leading developer and manager of factory outlet malls nationwide. In addition to the above listed Belz Factory Outlet Worlds, Belz operates the 100 Oaks Mall in Nashville, Tenn., and also has development plans for St. Augustine, Fla. and Puerto Rico.

With headquarters in Memphis, Tenn., Belz is a multi-faceted real estate
company with more than 25 million square feet of developed property including more than 40 shopping complexes, ranging from community shopping centers to regional malls, as well as industrial/warehouse/distribution facilities and developments, office parks and corporate campuses, hotels such as The Peabody Hotels in Memphis and Orlando, and residential developments.

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