CHICAGO, April 17 /PRNewswire/ -- General Growth Properties, Inc.
(NYSE: GGP) has initiated a comprehensive new tourism marketing campaign
designed to increase tourism spending at the company's top destination
centers. Shopping is the #1 tourist activity in the United States. According
to the GGP Tourism Audit, it is estimated that tourists spent more than one
billion dollars in 2000 at 29 top GGP tourism centers. Tourism accounts for
an estimated 31 percent of sales at GGP's top tourism centers.
"Clearly there is tremendous growth opportunity in the tourism shopping
category. We believe that GGP has one of the largest portfolios of shopping
centers in major tourist markets in America, ranging from Ala Moana Center in
Honolulu to Tysons Galleria in Washington, DC," said John Bucksbaum, CEO,
General Growth Properties.
General Growth Properties has initiated a corporate tourism strategy
positioned as "America's Favorite Shopping Destinations." Using this
"umbrella brand," GGP will collectively market its primary tourism shopping
centers as attractions through customized local tourism marketing programs.
"America's Favorite Shopping Destinations" will be aggressively marketed at
major domestic and international travel trade shows including International
Pow Wow -- the largest international travel trade show in the USA -- and
numerous other travel trade shows. The 29 GGP tourism centers will
participate in their local and state tourism associations and trade events.
Travel Industry Association of America reports that 76 percent of the U.S.
adult population took at least one trip of more than 100 miles away from home
during 1998. The U.S. Department of Commerce/Tourism Industries projects
global tourism will grow by five to 10 percent annually during the next
decade.
"The 'America's Favorite Shopping Destinations' branding strategy reflects
the brands and store selections that GGP centers are known for -- where locals
shop with friends and family," said Jenny Forst, Vice President of Marketing,
General Growth Properties. "This is important since 'friends & family' visits
represent a major part of domestic tourism in many GGP markets, and most
international guests shop where they are referred by their friends and
family."
Tourism target markets are pinpointed through ongoing research, tracking
and strategic analysis, as well as a special study on international shopping
tourism provided to GGP by the US Department of Commerce/Tourism Industries.
The target markets vary geographically. Ala Moana Center in Honolulu is one
of the world's top shopping destinations. Tourism accounts for an estimated
45 percent of sales at Ala Moana. At Mall Del Norte in Laredo, Texas,
affluent Mexican shoppers account for an approximate 65 percent of sales.
Several successful GGP tourism centers, including Coral Ridge Mall in
Coralville, Iowa, and Fox River Mall in Appleton, Wisconsin, target the
domestic group market with special emphasis on sports groups.
General Growth Properties is one of the nation's largest shopping center
owners, managers and developers. General Growth currently has ownership
interest in, or management responsibility for, a portfolio of 146 regional
shopping malls in 39 states. The company portfolio totals more than
127 million square feet of retail space and includes over 15,000 retailers
nationwide. A publicly traded Real Estate Investment Trust (REIT), General
Growth Properties is listed on the New York Stock Exchange under the symbol
GGP. For more information on General Growth Properties please visit the
company Web site at http://www.generalgrowth.com .
SOURCE General Growth Properties, Inc.
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Related links:
http://www.generalgrowth.com
Company News On-Call:
http://www.prnewswire.com/comp/110740.html or fax,
800-758-5804, ext. 110740
CONTACT:
David Keating, Manager, Media and Consumer
Relations of General Growth Properties, Inc., 312-960-6325, fax,
312-960-5484
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