Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today announced that it has signed a letter of intent to construct a Rich's store at the Arbor Place mall in western Atlanta GA, pending approval by Federated's board of directors.
The new Rich's store will be a two-level, full-line department store, excluding furniture, of 140,000 square feet. Construction is planned to begin in late 2003 with a store opening projected for fall 2004.
"In building our new Rich's store at Arbor Place we are recognizing the continued growth of the Douglas county area of Atlanta and responding to numerous requests from customers in the area, said Ron Klein, chairman and ceo of Rich's/Lazarus/Goldsmith's (RLG). "For 135 years Rich's has built a loyal following with the customer who is looking for quality merchandise, personal service and an exhilarating shopping experience and we will continue this proud tradition at the new Arbor Place store."
Federated's RLG division is headquartered in Atlanta and currently operates 77 stores throughout the central and southeastern U.S., including 27 Rich's stores in Alabama, Georgia and South Carolina. Eight of these stores operate in the metro Atlanta area. The division's 2001 annual sales totaled nearly $2.1 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 $15.6 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. The company also operates macys.com and Bloomingdale's By Mail.
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