PRESS RELEASE: Taubman Announces Lord & Taylor to Anchor

Released: 10/30/02

Taubman Announces Lord & Taylor to Anchor
The Mall at Oyster Bay

Anchor-store Line-up Is Now Complete

SYOSSET, (October 30) -- Taubman Centers, Inc. (NYSE:TCO) today announced that Lord & Taylor has signed a letter of intent to anchor the company's Mall at Oyster Bay planned for a 39 acre site in Syosset, New York, located near South Oyster Bay Road and the Long Island Expressway. Lord & Taylor, a division of The May Department Stores Company, joins the previously announced Neiman Marcus, completing the anchor-store line-up.

"Lord & Taylor and Neiman Marcus are both synonymous with the type of shopping experience we are seeking to create at The Mall at Oyster Bay", said Harry Murphy, Taubman senior vice president development. "Our goal is to create a mix of the finest retail, making this shopping center a true world-class shopping destination."

The new Lord & Taylor will be a 140,000 square foot, two-level store, reflecting Lord & Taylor's new design prototype, and is scheduled to open in fall 2003. The store will feature updated fashions for men, women and children, cosmetics and fragrances, and gift collectibles.

"We're very excited about plans for a new Lord & Taylor in as vibrant a community as Syosset," said Jane T. Elfers, Lord & Taylor president and chief executive officer. "Nassau County has been important to us since our first branch store opening in Manhasset in 1941. We look forward to continuing our strong ties to the area and welcoming its residents to a beautiful new store."

The 860,000 square foot Mall at Oyster Bay is to be built on the site of the former Cerro Wire Works. When completed, the center will offer Nassau County its finest, upscale shopping experience with two department stores and more than 125 specialty shops and services.

Lord & Taylor, headquartered in New York City, operates 81 stores in 19 states and the District of Columbia. Annual sales are more than $2.1 billion.

The May Department Stores Company is one of the largest department store retailers in the United States, with revenues of $13.9 billion. May operates 427 quality department stores and 116 David's Bridal stores in 43 states, the District of Columbia and Puerto Rico.

Taubman Centers, Inc., a real estate investment trust, owns, develops, acquires and operates regional shopping centers nationally. Taubman Centers currently owns and/or manages 27 urban and suburban regional and super regional shopping centers in 12 states. Four additional centers are under construction in Florida and Texas. Dolphin Mall (Miami, FL), International Plaza (Tampa, FL), The Mall at Wellington Green (Palm Beach County, FL) and The Shops at Willow Bend (Plano, TX) will open in 2001. Taubman Centers is headquartered in Bloomfield Hills, Michigan.