|For Immediate Release
Tower Records Joins Prestigious List of Peabody Place Tenants
MEMPHIS, Tenn., Friday, April 07, 2000 - The massive Peabody Place Entertainment and Retail Center, destined to be the crown jewel of downtown Memphis redevelopment, is adding to its list of high-profile tenants. California-based Tower Records will occupy 20,000 square feet in the complex, as it joins other development anchors Jillians, Muvico and NASCAR Silicon Motor Speedway.
"We are thrilled to have Tower Records join our Peabody Place tenant family," says Andrew J. Groveman, senior vice president, Belz Enterprises, developers of Peabody Place. "Tower will be able to build on the legendary music reputation of Memphis. The company has a proven track record spanning decades, and we see it as an exciting and welcome addition to the Memphis market. We look forward to a long, mutually beneficial relationship."
Tower Records has long been recognized and respected throughout the world for its unique brand of retailing. Founded in 1960 in Sacramento, California, the companys phenomenal expansion over almost 40 years has brought the Tower name and retail philosophy to 18 countries globally.
Tower owns and operates 182 stores worldwide, with 56 franchise operations in seven countries. The organization opened one of the first Internet music stores on America Online in June 1995 and followed a year later with the launch of TowerRecords.com in November 1996. In July 1999, Tower Direct, a new holding company was formed to operate TowerRecords.com.
"Memphis is ripe for Tower Records with the development of Peabody Place, a project that should jump start the revitalization of downtown Memphis, " says Michael T. Solomon, president and CEO of MTS, Inc., Tower Records, Video, Books parent company. "Facing Handy Park, the new Tower Records will be located in the heart of Beale Street's many jazz and blues clubs. Not only is Memphis home to so many great musicians, it is a music and tourist town, which we feel is surprisingly under-catered by exceptional record stores. We are delighted to finally bring Tower Records to Memphis and to showcase our amazing depth of catalog, distinctive merchandising, customer service and unique retail philosophy, all honed to cater to the avid music lover."
Tower Records joins a prestigious list of major tenants to come on board at the highly anticipated 300,000 square foot Peabody Place Entertainment and Retail development.
Muvico Theaters will be the centers largest entertainment venue, occupying 102,000 square feet of space. The Muvico facility will feature 21 movie auditoriums along with an IMAXâ 3D theater.
Jillians, a multi-dimensional food and entertainment retailer, will occupy 55,000 square feet of entertainment space in the complex. It features a sports video café, restaurants, 12 billiard tables, seven bars, private party rooms, bowling lanes, banquet facilities, and more than 200 electronic simulation games.
Another major Peabody Place tenant is NASCAR Silicon Motor Speedway, a 6,000-square-foot interactive racing center and retail store.
Peabody Place encompasses much more than just the Entertainment and Retail Center. When completed, the entire Peabody Place development will contain approximately two million square feet of space, which includes 762 hotel rooms, 201 apartments, 565,000 square feet of office space, 420,000 square feet of retail space, and 3,600 parking spaces. The development is the largest mixed-use urban development currently under way in the United States.