Season Off to a Spectacular Start as Consumers Line up for Bargains
CHICAGO, Nov. 28 /PRNewswire/ -- Shopping started early the day after
Thanksgiving as consumers lined up for "Black Friday", the official start of
the holiday retail frenzy. Historically, this weekend is the busiest traffic
weekend of the year for regional malls, with high consumer confidence and
spending noted as catalysts for growth. General Growth Properties, Inc.
(NYSE: GGP) saw the trend continue in its malls, as sales and traffic counts
exceeded 1999 figures. Many retailers opened at 5am to welcome long lines of
excited shoppers.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990208/CGM015 )
Sales results showed a strong 6% increase on the day after Thanksgiving,
as compared to same day sales the previous year. Overall sales for the
weekend saw an increase of 3.4% in GGP malls, versus the same period in 1999.
Traffic counts also showed significant increases.
"It is no surprise to us that this time of year generates even more
excitement as time passes," said John Bucksbaum, CEO of General Growth
Properties, Inc. "We say it each year, but it can never be said enough:
people love to shop. With the heightened consumer options these days, it is
extremely gratifying to see our customers taking part in the retail and
entertainment options their regional mall provides." Bucksbaum additionally
stated, "the shoes and apparel categories were the surprise winners
outperforming other categories during the first major holiday shopping
weekend."
General Growth Properties, Inc, is one of the oldest and most experienced
shopping center owners, developers and managers in the United States. It
currently has ownership interests in, and management responsibilities for, a
portfolio of 137 regional shopping malls in 37 states, encompassing
approximately 116 million square feet of retail space. 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, visit the corporate website at http://www.generalgrowth.com .
SOURCE General Growth Properties
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Related links:
http://www.generalgrowth.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19990208/CGM015
PR Newswire Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/110740.html or fax,
800-758-5804, ext. 110740
CONTACT:
John Bucksbaum, Chief Executive Officer,
312-960-5005, or Bob Michaels, President and COO, 312-960-5003,
both of General Growth Properties, Inc.
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