Neiman Marcus To Anchor Memorial City Mall.

CHESTNUT HILL, Mass.--(BUSINESS WIRE)--Oct. 24, 1997--Taubman Centers, Inc. (NYSE:TCO) and The Neiman Marcus Group, Inc. (NYSE:NMG) announced today that a new Neiman Marcus store will anchor Houston's Memorial City Mall, signaling the transformation of the center into a premier shopping destination.

"The commitment of Neiman Marcus is an important step toward fulfilling our vision for tomorrow's Memorial City Mall," said Taubman president and chief executive officer Robert S. Taubman. "We believe more than ever that there is an exciting opportunity to reposition the center through extensive remerchandising and renovation. Neiman Marcus sets the tone for the center's future levels of upscale fashion and service."

Taubman has been managing the 1.35 million-square-foot regional shopping center since last fall, when the company entered into a master lease agreement on the property with Metro National Corporation. Since that time Taubman has been actively exploring redevelopment opportunities for the center, which opened in 1966. "We look forward to being a part of Memorial City Mall's rebirth," said Robert A. Smith, The Neiman Marcus Group president and chief operating officer. "This exceptional location in what we believe will become one of the premier shopping centers in Texas will allow us to better serve the region's loyal Neiman Marcus customers well into the next century."

Mr. Smith said the Memorial location, which will include 150,000 gross square feet, will replace the 153,000 square foot Town & Country location the Company has operated since 1983. Plans call for the new Neiman Marcus store at Memorial City Mall to be located on the south side of the redeveloped center. The Town & Country store will remain open until the Neiman Marcus Memorial City store opens.

Neiman Marcus is also remodeling its other Houston store, located in the Houston Galleria. That project is scheduled to be completed next summer.

"We will have more good news about the exciting changes at Memorial City Mall in the months ahead," added Mr. Taubman. "What is a strong center today will become truly exceptional in the coming years."

Memorial City Mall is currently anchored by Foley's, Mervyn's, Montgomery Ward and Sears. Total center sales in 1996 exceeded $235 million, placing the property among the top 150 regional malls in America.

The Taubman portfolio includes 23 urban and suburban regional and super regional shopping centers in 11 states. The Company is headquartered in Bloomfield Hills, Michigan.

The Neiman Marcus Group consists of three operating units: Neiman Marcus Stores, NM Direct and Bergdorf Goodman. Harcourt General, Inc. owns approximately 53 of the outstanding common equity in The Neiman Marcus Group.

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CONTACT: Neiman Marcus Group

Peter Farwell, [phone]

or

Taubman Centers, Inc.

Christopher J. Tennyson, [phone]