Volume 2, 2003PAGE 7

Belz Poised for Growth, Ready for New Developments

As the economy rebounds from the recent recession, many retailers are looking for new opportunities to grow their businesses. As one of the leading real estate developers in the nation, Belz is taking advantage of the upturn.

"Along with the rest of the nation, we experienced a downturn after 9/11, but the economy is starting to come back nicely," said Andrew J. Groveman, president of Belz Factory Outlet Division. "We are currently looking for new properties to lease and manage, and when the right opportunity arises, we'll be ready."

Groveman points to the Belz Annex, located in Las Vegas, as a good example of potential development. The company is currently marketing 12 acres of outparcels there.

Belz Factory Outlet World - Puerto Rico Begins Expansion

After finishing the construction of a new seven-screen movie theater operated by Caribbean Cinemas, Belz has started working on the second phase of its expansion at Belz Factory Outlet World - Puerto Rico.

The second phase includes the development of five independent buildings located at the front of the mall. According to Groveman, the company is in discussions with several businesses for leases on the outparcels, including a bank, a chain of pharmacies, and several restaurant chains.

Thanks to the March opening of the 26,500-square-foot Caribbean Cinemas, traffic had already picked up at the mall, but business is expected to increase even more once the Eastern Corridor formerly known as PR66, the highway that runs in front of the mall, is completed.

Belz's Orlando Malls Continue to Attract New Tenants

The addition of two new tenants at Belz Designer Outlet Centre and one new tenant at Belz Factory Outlet World - Orlando, plus the renewal of 70,000 square feet of space at the locations combined, brings both of the centers to nearly 90 percent occupancy.

Texas de Brazil, a Brazilian-inspired restaurant, will open a 10,000-square-foot facility at Belz Designer Outlet Centre near the end of 2003. The Dallas-based restaurant specializes in slow-roasted beef, pork, chicken, lamb, and sausage cooked in the traditional churrascaria style of Southern Brazilian gauchos. In addition, Group USA opened the first of its new concept stores, Camille, in 10,000 square feet of space in June.

Belz Factory Outlet World Orlando is Central Florida's first and largest factory outlet mall. With an estimated 160,000 vehicles passing the property each day, a recently completed facade renovation optimizes the mall's prime location along Interstate 4 and the Florida Turnpike.

Belz Factory Outlet World - Orlando added a 3,000-square-foot Hard Rock Café Outlet in September.

Belz Factory Outlet World - St. Augustine Announces New Deal

Belz Factory Outlet World - St. Augustine recently announced that Nautica will open a 4,500-square-foot store in January. In addition, the VF Factory Outlet, which opened in April, continues to attract scores of visitors to the property. Vanity Fair is the world's largest apparel manufacturer and carries brand names such as Lee, Vanity Fair, Wrangler, Healthtex, JanSport, and Lily of France.

Anniversary Celebration Planned for Belz Factory Outlet World - Pigeon Forge

Belz Factory Outlet World - Pigeon Forge celebrates its 15th anniversary this year. The outlet boasts 450,000 square feet of enclosed mall space and strip centers, providing Smokey Mountain visitors with a variety of outlet shopping destinations.

The latest addition to the facility, Jewelry and Handbag Warehouse, opened in Annex 1 this September, adding another dimension to the factory outlet experience. This 8,000-square-foot store offers customers the latest styles and trends in handbags and accessories at reasonable prices.