Taubman Announces Nordstrom to Anchor the Mall at Oyster Bay

Released: 12/20/05

BLOOMFIELD HILLS, Mich., Oct. 20 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE: TCO) today announced that Nordstrom will anchor the company's Mall at Oyster Bay planned for a 39-acre site in Syosset, Long Island, New York. Nordstrom, which will replace the previously announced Lord & Taylor store, joins Neiman Marcus, completing the anchor-store lineup.

"We're delighted that Nordstrom is joining Neiman Marcus, and together they will set the tone for the finest shopping experience on Long Island," said Robert S. Taubman, Taubman Centers' chairman, president and chief executive officer. "The Mall at Oyster Bay will combine the essential ingredients of convenience and superior store merchandising, making this shopping center a true world-class destination."

"We're excited to expand our presence in the northeast and specifically on Long Island," said Erik Nordstrom, executive vice president of Full-Line Stores for Nordstrom. "The Mall at Oyster Bay will be a great shopping destination and we're anxious to offer another Nordstrom to make the shopping more convenient for our Long Island customers."

The proposed 860,000 square foot Mall at Oyster Bay is currently targeted to open in fall 2007. It will be located near South Oyster Bay Road and the Long Island Expressway on the site of the former Cerro Wire and Cable Company factory. The demolition of the site has been completed. Taubman Centers is working with the community to resolve all issues remaining prior to special use permit approval and the issuance of building permits. When completed, the center will offer Nassau County its finest, upscale shopping experience with two department stores and more than 100 specialty shops and services.

Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 154 U.S. stores located in 27 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 97 full-line stores, 49 Nordstrom Racks, five Faconnable boutiques, one free-standing shoe store, and two clearance stores. Nordstrom also operates 32 Faconnable boutiques in Europe. Additionally, Nordstrom serves customers through its online presence at http://www.nordstrom.com and through its direct mail catalogs. Nordstrom, Inc. is publicly traded on the New York Stock Exchange (NYSE: JWN).

Taubman Centers, Inc., a real estate investment trust, owns and/or manages 23 urban and suburban regional and super regional shopping centers in 11 states. In addition, The Pier at Caesars (Atlantic City, N.J.) is under construction and is scheduled to open in late spring 2006. Taubman Centers is headquartered in Bloomfield Hills, Mich. Additional information about Taubman Centers can be obtained from the company's website, http://www.taubman.com.

This press release contains forward-looking statements within the meaning of the Securities Act of 1933 as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.



CONTACT:
Karen Mac Donald
Director, Communications
Taubman Centers
+1-248-258-7469

Barbara Baker
VP, Investor Relations
Taubman Centers
+1-248-258-7367

Brooke White of Nordstrom, Inc.
+1-206-373-3030