ICSC MAY, 2003PAGE 3

Vanity Fair, Caribbean Cinemas Lead New Leases at Belz Factory Outlet Worlds

Two new leases with VF Factory Outlet in Tennessee, and St. Augustine, Florida, and the opening of Caribbean Cinemas in Puerto Rico are among the notable new leases signed by Belz’s Factory Outlet World Division.

All Belz Factory Outlet World properties have recently signed new leases, making for a successful year despite a challenging economy.

"As people are tightening their belts from the recent recession, they are looking for better value," said Andrew J. Groveman, president of Belz’s Factory Outlet Division. "Our outlet stores provide quality, name-brand merchandise at exceptional values."

To provide customers with greater value and increase customer loyalty, the company also has introduced the Belz Bucks Bonus card. Customers can sign up for their free card and begin saving immediately.

"Our research shows this is a great way to increase loyalty, especially among local customers," said Groveman. "Plus, each tenant has the opportunity to develop its own offer for the program, and update it periodically."