Saks Incorporated Announces Plans for a New Saks Fifth Avenue Store in Richmond, Virginia.

Business Editors

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Oct. 8, 2001

Retailer Saks Incorporated (NYSE: SKS) (the "Company") today announced that it will open an 80,000 square foot Saks Fifth Avenue store at Stony Point Fashion Park, a 680,000 square foot open air fashion center being developed by Taubman Centers, Inc. (NYSE: TCO) in Richmond, Virginia. The store is scheduled to open with the center in the fall of 2003.

The Stony Point Fashion Park store will be the second Saks Fifth Avenue store in the state of Virginia. The Company also operates an 120,000 square foot Saks Fifth Avenue store in Tyson's Corner in McLean, Virginia (metropolitan Washington, D.C.). Stony Point is located on Chippenham Parkway at the James River crossing in Richmond.

Christina Johnson, President and Chief Executive Officer of Saks Fifth Avenue, commented, "The City of Richmond represents a tremendous opportunity for Saks Fifth Avenue, with its attractive demographics and highly desirable customer base. We are very pleased to have the opportunity to extend our distinctive roster of designer collections and premier customer service to the discerning residents of the Richmond community."

The store will offer exclusive designer ready-to-wear for women, fine jewelry, shoes, accessories, cosmetics and fragrances, and Saks Fifth Avenue's collections. Additionally, the store will offer a commanding assortment of men's designer clothing, sportswear, formalwear and furnishings.

"Saks Fifth Avenue is the perfect complement to Stony Point Fashion Park's upscale offering and in keeping with our intent to bring new-to-the-market retailers to Richmond," said Robert Taubman, President and Chief Executive Officer of Taubman Centers, Inc. "We believe the Richmond community is both anxiously awaiting and deserving of this type of retail mix."

Saks Incorporated operates Saks Fifth Avenue Enterprises (SFAE), which consists of 62 Saks Fifth Avenue stores, 50 Saks Off 5th stores, and Saks Direct. The Company also operates its Saks Department Store Group (SDSG) with 40 Parisian specialty department stores and 203 traditional department stores under the names of Proffitt's, McRae's, Younkers, Herberger's, Carson Pirie Scott, Bergner's, and Boston Store.

Taubman Centers, Inc., a real estate investment trust, owns, develops, acquires and operates regional shopping centers nationally. Taubman Centers currently owns and/or manages 31 urban and suburban regional and super regional shopping centers in 13 states including three centers in Virginia: MacArthur Center in Norfolk, Regency Square in Richmond, and Fair Oaks in Fairfax. Taubman Centers is headquartered in Bloomfield Hills, Michigan.