FOR IMMEDIATE RELEASE

BELZ FACTORY OUTLET WORLD - LAS VEGAS
SELECTED FOR #2 SPOT IN "TOP 30 OUTLET CENTER" SURVEY

Las Vegas (July 5, 2000) -- The results are in...Belz Factory Outlet Mall - Las Vegas has been named the #2 top performing outlet center in the U.S. for 2000 by the nation's outlet retailers in the annual "Top 30" survey conducted by the Outlet Retail Merchants Association (ORMA). This is a three spot jump from last year's #5 ranking for Belz Enterprises. This represents the fourth successive year that Belz has taken these top honors, as reported by industry publication Value Retail News.

"It is an honor to be recognized for excellence by this professional association," says Andrew J. Groveman, President of Factory Outlet Division of Belz Enterprises. "Although the shopping center industry has changed quite a bit since Belz opened the first factory outlet mall in the United States almost 20 years ago, we continue to strive to make our factory outlet malls among the best in the industry."

Criteria for selection in the survey is based upon real estate research by ORMA which surveyed 130 corporate members on how their stores' performance fared in the nation's outlet centers. The retailers were asked to assess whether their store performed in the chain's top 25 percent, mid 50 percent, or the bottom 25 percent in terms of sales.

Nearly 47 companies responded to the latest survey. Retailers often use the data obtained in the ORMA survey to select future store sites, and as a benchmark for judging how their stores are performing in a center compared with other tenants.

Other Belz Enterprises' factory outlet world malls to rank on the Top 30 survey include: Belz Factory Outlet World Mall - I in Orlando, Fla. (Ranked #23) and Belz Factory Outlet World in Pigeon Forge, Tenn. (Ranked #30).

With headquarters in Memphis, Tenn., Belz is a leading developer and manager of factory outlet malls nationwide. In addition to Las Vegas, Nev., Belz Enterprises developed and manages Factory Outlet Worlds in Pigeon Forge, Tenn., Lakeland, Tenn. and Orlando, Fla., where the company also operates Belz Designer Outlet Centre. The company recently opened a Belz Factory Outlet World in historic St. Augustine, Fla. and it is developing the first factory outlet mall in Puerto Rico. Belz developed and operates the 100 Oaks Mall in Nashville, Tenn., as well. Furthermore, the company owns and manages a group of premier hotels, including the flagship Peabody Hotels in Memphis and Orlando.

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