BIRMINGHAM, Ala., Nov. 2 /PRNewswire-FirstCall/ -- Colonial Properties
Trust today announced that Belk, Inc. will open a new fashion department store
at Colonial Promenade Alabaster, located at I-65 and US Highway 31 South in
Alabaster, Ala. The center, which will open in Spring 2005 is being developed
by Colonial Properties Trust. The store will have approximately 74,000 square
feet of space on one level.
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"Belk is pleased and excited about bringing a new store to the Alabaster
community," said Linda Zwern, chairman of Belk's Western Division based in
Greenville, S.C. "The goal of the new store is to offer customers a
convenient, enjoyable and satisfying shopping experience each time they visit.
Its design and merchandise offerings are being planned to meet the shopping
needs of this community."
Belk of Colonial Promenade Alabaster will offer a wide selection of the
leading brands of apparel, cosmetics, accessories and home merchandise for the
whole family, and will feature the latest in retail design, floor layout,
lighting, merchandise presentation and decor.
"Belk has an outstanding reputation in its markets for providing customers
with the best in fashion, value, quality and prompt, friendly service," said
Zwern. "We look forward to continuing this tradition in the Alabaster
community. We want to be the department store of choice that consistently
meets our customers' shopping needs."
Top designer and national brand merchandise will be offered, along with
exclusive Belk brands. Each department will feature a unique decor and
fixtures that enhance merchandise presentation.
The full-service store will offer a variety of Belk customer services,
such as a gift registry, gift-wrapping, alterations, Great Gifts cards and
Belk revolving and interest-free charge accounts. The new store represents an
investment of approximately $6 million for Belk.
Belk of Colonial Promenade Alabaster will be part of Belk's Western
Division based in Greenville, S.C. Belk also operates stores in Jasper,
Prattville, Gadsden and Cullman, Ala., and recently announced plans to open a
new store in Auburn, Ala. in fall 2004.
About Belk, Inc.
Charlotte, N.C.-based Belk, Inc. is the largest privately owned department
store company in the nation. It operates 214 stores in 13 Southeastern
states, and reported total revenues of approximately $2.24 billion for the
fiscal year ended February 1, 2003. Founded in 1888, Belk has become one of
the dominant department stores in each of its markets by delivering superior
service and consistently providing merchandise that meets customers' needs for
fashion, value and quality.
Belk got its start when 26-year-old William Henry Belk opened a small
bargain store in Monroe, N.C., on May 29, 1888. The first store measured 22
by 70 feet, with about 1,500 square feet of space. Belk called it the New
York Racket in hopes that the name would make the store sound big and attract
customers.
He started his new enterprise with $750 in savings, a $500, 10% interest
loan from a local widow, and about $3,000 worth of goods taken on consignment
from a bankrupt store. In less than seven months, he had paid off his debts
and netted a $3,300 profit.
William Henry's brother, Dr. John M. Belk, joined him in the business in
1891, and together they began to expand the business throughout the Carolinas
and the Southeast. The fourth Belk store opened in 1895 in Charlotte, N.C.,
which became the company's base of operations. Dr. John M. Belk died in 1928
at age 62, and William Henry Belk remained active in the business until his
death in 1952 at age 89.
John M. Belk, son of founder William Henry Belk, is chairman of the board
and chief executive officer of Belk, Inc. Tim Belk, McKay Belk and Johnny
Belk, who are nephews of John Belk and sons of the late Belk President Thomas
M. Belk, serve as presidents of the company.
Beginning in the 1960s, Belk stores began migrating from smaller downtown
locations to modern, greatly expanded anchor facilities in regional malls.
Subsequently, Belk became one of the dominant fashion department stores in its
markets throughout the Southeast, offering customers a wide selection of
leading brands of fashion apparel, shoes and accessories for men, women and
children, cosmetics, home furnishings, house wares, gift and guild, jewelry
and other types of department store merchandise.
Additionally, Belk offers exclusive private brand merchandise such as J
Khaki, Kim Rogers, Saddlebred, Madison Studio and Nursery Rhyme that offer
customers the latest in fashion, quality and value. Today, Belk, Inc. serves
millions of customers across the Southeast and Mid-Atlantic regions of the
U.S. It is organized into four operating divisions based in Charlotte, N.C.,
Raleigh, N.C., Greenville, S.C. and Jacksonville, Fla.
Company Summary
Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties. Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization of $2.8 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 19,500 apartment units, 6.5 million square feet of
office space and 15.6 million square feet of retail shopping space. In 2003,
the National Association of Industrial and Office Properties (NAIOP) named
Colonial Properties Trust "National Developer of the Year". Additional
information on Colonial Properties Trust is available on the Internet
at http://www.colonialprop.com . The Company, headquartered in Birmingham, Ala., is
listed on the New York Stock Exchange under the symbol "CLP" and is included
in the S&P SmallCap 600 Index.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
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CONTACT:
Sandra Lee Robertson, senior vice president,
finance, +1-205-250-8788, or Linda S. Geiss, vice president,
media relations, +1-205-250-8768, both of Colonial Properties
Trust
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