CLEVELAND, Dec. 3, 2010 /PRNewswire/ -- Lord & Taylor and Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced that renowned fashion retailer Lord & Taylor will open a new, 80,000-square-foot location to anchor Westchester's Ridge Hill, Forest City's outdoor retail/mixed-use development, currently under construction in Yonkers, New York.
This will be the first new, full-line Lord & Taylor to open since the Landmark Mall location in Alexandria, Virginia, opened in 2001. The new location will showcase the retailer's latest store design and will offer a mix of the best fashion, accessories, beauty and fragrance brands as well as gifts and home accessories.
"We're thrilled to open our first full-line store in a decade, which will epitomize our signature shopping experience at this new location," noted Brendan Hoffman, President and CEO of Lord & Taylor. "Westchester's Ridge Hill is the perfect location for Lord & Taylor to further service our Southern Westchester customers and I am encouraged by the business potential for this store."
"We are delighted to welcome Lord & Taylor as an anchor for Westchester's Ridge Hill," said Andrew Silberfein, executive vice president, director of retail development and finance for Forest City Ratner Companies, Forest City's New York-based subsidiary. "This iconic fashion retailer and true American classic will significantly enrich the shopping experience for residents of Westchester County and the entire region. This addition to our dynamic tenant mix further confirms that Westchester's Ridge Hill will be one of the most exciting new developments the New York metropolitan area has seen in years."
"Today's announcement is a major step forward for Westchester's Ridge Hill and demonstrates the momentum building for this great project," added Charles A. Ratner, president and chief executive officer of Forest City Enterprises. "With a truly remarkable location and among the strongest demographics in the country, Westchester's Ridge Hill will be a premier retail/mixed-use center."
Westchester's Ridge Hill, a 1.3-million-square-foot regional, outdoor, mixed-use center under construction in Yonkers, N.Y., will be a distinctive, upscale destination for Westchester County, offering an eclectic mix of shopping, dining and entertainment options. The center is located between the New York State Thruway and the Sprain Brook Parkway in Westchester County, New York.
The new Lord & Taylor store at Westchester's Ridge Hill will be the retailer's eleventh location in the state of New York. Lord & Taylor joins Whole Foods, L.L.Bean, Cinema De Lux, REI, Sephora, Orvis, Dick's Sporting Goods, The Cheesecake Factory, Yard House, Texas de Brazil, Brio Tuscan Grille and many other national retailers and restaurants that will be part of Westchester's Ridge Hill.
About Lord & Taylor
Lord & Taylor is an upscale specialty department store with 48 stores in nine states and the District of Columbia. Lord & Taylor has built a reputation for attentive customer service and high-quality merchandise focused on apparel and accessories. Founded in 1826, Lord & Taylor is America's oldest department store and one of America's premier retailers.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $11.8 billion in total assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit http://www.forestcity.net.
Safe Harbor Language
Statements made in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, litigation risks, as well as other risks listed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.
SOURCE Forest City Enterprises, Inc.