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MAY DEPARTMENT STORES INVESTING $4.6 BILLION IN NEXT 5 YEARS TO OPEN 100 DEPARTMENT STORES & 1,200 SHOE STORES; SHAREOWNERS APPROVE STOCK SPLIT

 ST. LOUIS, May 21 /PRNewswire/ -- The May Department Stores Company (NYSE: MA), the country's largest operator of department stores, today told shareowners at its annual meeting that May will invest $4.6 billion in the next five years to open 100 department stores and 1,200 Payless ShoeSource stores, and to expand and/or remodel more than 60 existing stores. May shareowners approved a 2-for-1 stock split, to be distributed June 15 to shareowners of record June 1.
 David C. Farrell, chairman and chief executive officer of The May Department Stores Company, said: "May is committed to getting more store-for-store growth from our existing stores, while continuing to expand aggressively our new stores. In the last several months, we have taken bold action to streamline our operations. We have reduced the number of individual operating companies, consolidated our corporate centers into one, and lowered our expense structure.
 "We are executing to higher standards and offering our customers more compelling values and broader selections of America's top national brands and designer labels. Our organization is focused on what counts to better serve the customer and improve market share. With our strong first quarter results, our sights are set on achieving May's 19th consecutive year of record sales and earnings per share."
 Mr. Farrell emphasized the company's high priority on "treating the customer right." He said the company's merchants, sales associates, store managers and sales support teams "continue to work hard to please the customer and make our stores a better place to shop. We are making substantial progress, and our customers are telling us we are doing a better job."
 Elaborating on the capital expenditure plan, Thomas A. Hays, May president, said the new stores will add 22 million square feet of retail space, an increase of 36 percent over the 61 million square feet currently in operation. The 100 new department stores will add 17 million square feet and the 1,200 shoe stores will add 5 million square feet.
 May will open 13 new department stores in 1993. The new department stores are for Lord & Taylor in North Atlanta, Ga., Peabody, Mass., and Chicago; for Robinsons-May in West Covina and Glendale, Calif., and Glendale, Ariz; for Hecht's in Richmond and Fredericksburg, Va., Pineville, N.C., and Frederick, Md.; for Kaufmann's in Syracuse, N.Y.; and for Filene's in Nashua, N.H., and Peabody, Mass. Seventeen new department stores are planned for 1994.
 May will also open 225 Payless ShoeSource stores in 1993. In addition, Payless will add 200 Payless Kids stores, adjacent to existing Payless ShoeSource stores. May opened its first Payless Kids stores in 1992.
 To enhance the productivity of its stores, May will spend $550 million over the next five years to remodel and expand existing stores. The company said remodels and expansions were important in improving the company's sales to $176 per square foot last year, from $168. May has increased sales per square foot by 25 percent over the past five years.
 Five board of directors members were re-elected. They are Richard L. Battram, vice chairman; Vaughn D. Bryson, president and chief executive officer of Eli Lilly and Company; Andrall E. Pearson, Class of 1958 Professor of Business Administration, Harvard University Graduate School of Business Administration; Robert D. Storey, a partner in the law firm of Thompson, Hine and Flory; and Edward E. Whitacre, Jr., chairman and chief executive officer of Southwestern Bell Corporation.
 Shareowners also ratified the appointment of Arthur Andersen & Co. as independent auditors and the amendment to the Certificate of Incorporation which increases the number of authorized shares of common stock. Shareowner proposals concerning a classified board and cumulative voting were defeated.
 -0- 5/21/93
 /CONTACT: Jim Abrams of The May Department Stores Company, 314-342-6343/
 (MA)


CO: May Department Stores Company ST: Missouri IN: REA SU:

TS -- NY038 -- 1221 05/21/93 13:02 EDT
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Date:May 21, 1993
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