Contact: Erin Brock
CKPR
407-541-0812
ebrock@ckpramplified.com
or
Andrew J. Groveman
Belz Enterprises
901/260-7348

Director of Marketing, VF Factory Outlet Jane Webster, Tel: 610/208-5573

(Lakeland, TN) July 15, 2002 — VF Factory Outlet, the Reading, Penn.-based granddaddy of outlet retailers, will officially open the doors of its 56th store this Saturday, July 20th at Belz Factory Outlet World – Lakeland. A soft opening of the new 22,780 square-foot anchor store, VF Factory Outlet's first-ever Belz location, was held on Friday, July 12th.

Local officials and representatives from the City of Lakeland and its Convention and Visitor's Bureau, Belz Enterprises and VF Factory Outlet will kick off the grand opening with an indoor ribbon cutting ceremony on Saturday, July 20th at 9:30 a.m. Immediately following the ribbon cutting, customers are invited to proceed to the mall entrance for a traditional VF Factory Outlet Teddy Bear Giveaway. The first 1,000 customers through the doors of VF Factory Outlet will receive a free VF teddy bear, clad in the signature Lee jeans and logo t-shirt. Face painting, clowns, balloon animals, walk-around magic and live music will entertain shoppers from 10 a.m. to 5 p.m.

Throughout the weekend, customers can register to win VF Factory Outlet gift certificates, free jeans, free backpacks and more. No purchase is necessary to register and customers need not be present to win. Winners will be drawn at the close of business on Sunday, July 21st and will be subsequently notified.

Known for its pricing policy of one half off the lowest ticketed price, VF Factory Outlet's brands include such well-known names as Vanity Fair, Lee, Wrangler, Healthtex, Jantzen, JanSport, Bestform, Vasarette, Timber Creek, Big Ben, Lily of France and more. Its product mix includes jeans, casual sportswear, team licensed apparel, sleepwear and robes, swimwear and backpacks.

"We are very pleased to be working with Belz Enterprises in opening our new store," commented VF Factory Outlet President Prakash Bhatt. "Lakeland is a vital market, which offers a strong local consumer base, as well as a thriving tourism business. Many customers here are already familiar with VF Factory Outlet, its brands and its exceptional values. We expect to do very well in this market."

"We are happy to announce the addition of VF Factory Outlet, one of the most prestigious and diversified manufacturers in the industry," said Andrew J. Groveman, President of the Factory Outlet Division of Belz Enterprises. "This destination retailer will join Belz Factory Outlet World - Lakeland's already impressive retail mix, and is perfect for this marketplace and our customer base. This is what outlet shopping is about, quality brand name merchandise at exceptional values."

VF Factory Outlet is headquartered in Reading, Penn., where it first opened its doors in 1970. Its 5,000 square-foot space was separated from the manufacturing machines by a simple curtain. VF is generally recognized for starting the outlet shopping phenomenon and still attracts millions of shoppers annually with its name brands and sharp pricing policy.

Today, VF Factory Outlet operates 55 stores in 27 states, along with outlet malls in Reading, Penn. and North Dartmouth, Mass. VF Factory Outlet, which is the retail outlet division of VF Corp, is the world's largest publicly held apparel company, headquartered in Greensboro, NC.
Located at 3536 Canada Road in Lakeland, Belz Factory Outlet World is open Monday through Saturday from 10:00 a.m. to 9:00 p.m. and on Sunday from 1:00 p.m. to 6:00 p.m.

With headquarters in Memphis, Belz Enterprises is a multi-faceted real estate company with more than 30 million square feet of developed property including over 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 has also 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, Arkansas.