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Federated Acquires Two J.C. Penney Locations

From: ASAP


Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) announced an agreement for two new Macy's stores in Maui and Hilo, Hawaii. Both properties, currently owned by J.C. Penney, will undergo remodeling beginning this Spring and are scheduled to re-open as Macy's stores in Fall 2003.

"We are very excited about these new stores which will essentially double our presence in both malls," said Robert L. Mettler, chairman of Macy's West. "Federated continues to invest in our developing Hawaii market, which lets us continue to meet the growing needs of our customers."

"Over the past year, we've received positive feedback from our customers on the styles, fashion and selection at Macy's," said Deena Nichols, senior vice president and director of stores for Macy West's Hawaii and Guam region. "Our new Hilo and Maui stores will enable us to meet our customers' demands for an even larger assortment of merchandise."

Macy's will continue to operate its current locations in these two malls, which will be reconfigured and updated to feature expanded assortments of women's apparel, accessories and shoes. The new store locations will be remodeled to feature expanded assortments of men's, children's and home merchandise. Remodeling in both stores will include new wall and floor fixturing, centralized customer service areas, new carpet, paint and visual treatments, as well as lighting upgrades.

The new Macy's location in Queen Kaahumanu Center in Maui will occupy 86,000 square feet of retail space on two levels, bringing the combined total to 166,000 in the two Macy's Center stores. The new Macy's Prince Kuhio Plaza store in Hilo will occupy 62,000 square feet of retail space on one level, bringing the combined total to 112,000 in the two Macy's Plaza stores.

Macy's West, a division of Federated headquartered in San Francisco, operates 141 stores in seven states and Guam, with annual sales of more than $4 billion.

Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with annual sales of more than $15 billion. Federated currently operates more than 460 stores in 34 states, Guam and Puerto Rico, under the names of Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus and Rich's-Macy's, as well as macys.com and Bloomingdale's By Mail.

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