Aronov News

Eastdale Mall Announces Expansion with JCPenny Relocation and New Shop Space

For Immediate Release: February 12, 2004
Contact Robin Raiford, 334.277.1000 or robin.raiford@aronov.com.

Montgomery, Alabama -- Aronov Realty Management, Inc. and JCPenney Company, Inc. have announced plans to relocate and build a new JCPenney department store of approximately 95,000 square feet at Eastdale Mall. Construction will begin in March 2004 with a Spring 2005 opening scheduled.

JCPenney will be the fifth department store unit at the mall joining an outstanding lineup of other major department stores including Dillard's, Sears, Parisian Women and Parisian Men & Children. The 800,000+ square foot mall also includes more than 85 specialty stores, The Courtyard Cafes', The Ice Palace -- Alabama's only ice rink in a mall, and Eastdale Cinemas 8. In addition, 30,000+ square feet of new retail shop space will be added to the mall.

The new JCPenney store and the additional retail space will be built at the front of the mall facing Atlanta Highway. Plans include expanding the mall's current parking to create additional parking spaces. The mall expansion will be carried out with little or no inconvenience to retailers or shoppers. All stores will remain open during regular operating hours.

The Eastdale JCPenney will be designed in one of the company's latest and most convenient formats featuring wider aisles for shopping carts, improved lighting and new branding graphics. The store layout will focus attention on JCPenney’s dominant assortments in key areas such as jeans, shoes, bedding and bath accessories, children’s apparel, women’s and men’s sportswear. The store’s full service salon will offer professional hair styling services and salon-quality products.

Announcement of the JCPenney relocation to Eastdale Mall was made by Owen Aronov, President of Aronov Realty Management, Inc. who leases and manages the mall. “JCPenney is an excellent retailer and we are excited to have them join our other fine merchants at Eastdale Mall," stated Mr. Aronov. "This only strengthens our regional draw in Central Alabama and provides another reason for our customers throughout the tri-county area and beyond to shop at Eastdale Mall. We are delighted to offer our customers a shopping experience where all of Montgomery's department stores will be represented under one roof in one comfortable and convenient location."

Eastdale Mall, located at the corner of Montgomery's Eastern Boulevard and Atlanta Highway, underwent a major renovation of its interior in the fall of 2001. It included a newly refurbished Ice Palace and Courtyard Cafes', new floors, ceilings, landscaping, lighting, and introduced soft seating areas -- including sofas and chairs -- within the mall.

Eastdale Mall continues to be a major contributor to the River Region economy, employing more than 2,000 people. Over $200 million in annual sales is generated by the development which translates to over $12 million in city and county tax revenue. The shopping center is owned by the Aronov, Lowder and William B. Moore families and is managed and leased by Aronov Realty Management, Inc. Aronov is the largest privately held, full-service real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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