CONTACTS:
Andrew J. Groveman   
Belz Enterprises
(901) 260-7278

Erin Jenkins
CKPR
407-541-0812
ejenkins@ckpr.biz

FOR IMMEDIATE RELEASE

COCO & LILLY BRINGS ITS HIP WOMEN'S FASHION TO PEABODY PLACE ENTERTAINMENT AND RETAIL CENTER

Downtown's Newest Women's Clothing Store Now Open

MEMPHIS, Tennessee (June 12, 2003) -- Building on its unique variety of retail and entertainment concepts, Peabody Place Entertainment and Retail Center has added Tennessee's first Coco & Lilly, a trendy women's clothing store.

The store's line of chic, reasonably-priced fashions is aimed at women aged 18-40. Coco & Lilly also will feature purses and accessories inspired by luxury brands. The Center's downtown location, and blend of retail and entertainment were factors in owner Jacob Mamon's choice of the location.

"Coco & Lilly is a unique downtown shopping experience that complements the mix of shops, dining and fun at Peabody Place Entertainment & Retail Center," Mamon said. "Our new store offers Memphis women the latest styles in casual and dress wear - but with an unexpected element of affordability. Downtown shoppers will find fashion forward clothes at a quarter of the price of luxury brands."

The new Coco & Lilly location features contemporary, upscale décor. The hard wood floors, modern lighting and silver hardware create a metropolitan atmosphere. Mamon's two other Coco & Lilly stores are located in Florida.

About Belz Enterprises

With headquarters in Memphis, Belz Enterprises is a multi-faceted real estate company with more than 30 million square feet of developed property including more than 40 shopping complexes, ranging from community shopping centers to regional malls. Belz developed and manages Factory Outlet Worlds in Lakeland and Pigeon Forge, Tenn.; Las Vegas, Nev.; St. Augustine, Fla. and Orlando, Fla., where the company also operates the Belz Designer Outlet Centre. In 2001, the firm opened Belz Factory Outlet World-Puerto Rico, the first enclosed factory outlet mall on Puerto Rico. In addition, Belz operates the 100 Oaks Mall in Nashville, Tenn. The company also has developed and owns a group of premier hotels, including the flagship Peabody Hotels in Memphis and Orlando and the recently opened Peabody Hotel in Little Rock, Ark.