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PEEBLES DEPARTMENT STORES OPENING IN FOUR NEW MARKETS

 SOUTH HILL, Va., Sept. 7 /PRNewswire/ -- Showing strong confidence in the future of the economy in the Southeast, Peebles Inc., a Virginia-based company operating 50 department stores in eight southeastern states, is opening stores in four new markets this fall, Peebles chairman and chief executive officer Mike Moorman said.
 The company is opening the first of the four new stores Thursday, Sept. 16, in the New River Valley Mall at Christiansburg, Va. This will be followed by openings in Waynesboro, Va., on Oct. 21 and Statesville, N.C., on Nov. 11. The fourth store will open in Rocky Mount, Va., in November.
 The four new stores represent a $5.2 million investment for the company, Moorman said. In addition, Peebles plans to open nine new stores by the end of 1994.
 Peebles has operated successfully in markets similar to these for more than 100 years by delivering the very best values in recognizable name-brand fashions for the family and home, Moorman said.
 "All four of these markets have lost another retailer similar to Peebles recently in the last few years," he said. "This gives us an opportunity to capitalize on our strength of serving these types of markets."
 Peebles has succeeded in some locations while other department store companies have not because Peebles has perfected its buying and merchandising techniques to anticipate what its customers will need and will buy, Moorman said.
 "We have over 100 years of experience in watching fashion changes," he said, "and we have learned through our experience how far to the leading edge of fashion we can go."
 Most Peebles stores range in size from 25,000 to 30,000 square feet and are located in suburban communities near major metropolitan markets. Peebles offers well-known brands in women's, men's and children's apparel and accessories, shoes and home furnishings. Vendors include Haggar, Arrow, Koret, Liz Claiborne, Levi Strauss, Health-Tex and Nike. Peebles also offers its own brands in selected areas.
 The New River Valley location, which serves a four-county market, will be one of the company's largest stores at 60,000 square feet. Peebles opened a 59,600-square-foot store in suburban Richmond in late 1992.
 Presently, the company operates stores in Virginia, North Carolina, South Carolina, Maryland, Delaware, New Jersey, Tennessee and Kentucky.
 "We have few frills in our operation which helps to hold our costs down so we can deliver the very best values to our customers," Moorman said.
 Founded in 1891, Peebles serves family fashion needs for more than 3 million customers in eight states and is the leading department store retailer in more than 80 percent of the markets it serves.
 -0- 9/7/93
 /CONTACT: Steve Hannah of Peebles Department Stores, 804-447-5396/


CO: Peebles Department Stores ST: Virginia, North Carolina IN: REA SU:

SB -- CH008 -- 9504 09/07/93 17:04 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
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