FARMINGTON HILLS, Mich., May 18, 2015 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) (the "Company") today announced the addition of Saks Fifth Avenue OFF 5TH to Hunter's Square, a 350,000 square foot shopping center located in the affluent community of Farmington Hills, Michigan. Saks Fifth Avenue OFF 5TH will occupy the former Loehmann's space at the center and joins an outstanding lineup of the nation's leading retailers. When open, the Hunter's Square store will be one of only two Saks Fifth Avenue OFF 5TH stores in Michigan. The planned opening date is spring 2016.
"We are thrilled to announce that Saks Fifth Avenue OFF 5TH will join the exceptional lineup of national retailers at our Hunter's Square shopping center," said Dennis Gershenson, President and Chief Executive Officer. "HBC's decision to locate their second Michigan OFF 5TH store at Hunter's Square reinforces the superior trade area, strategic location, and best-in-class tenant mix of our center."
"We are excited to bring the new Saks Fifth Avenue OFF 5TH store format to Michigan," said Jonathan Greller, President of Outlets, HBC. "The store will be open, modern and easy to navigate, and deliver the shopping experience we are known for – great brands at amazing value."
Hunter's Square is located at the southwest corner of Orchard Lake and 14 Mile Roads. Hunter's Square benefits from its in-fill location and a strong trade area with a superior average household income of $115,000 within three miles of the shopping center.
ABOUT RAMCO-GERSHENSON PROPERTIES TRUST:
Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. The Company's business is the ownership and management of large, multi-anchor shopping centers primarily in a dozen of the largest metropolitan markets in the United States. At March 31, 2015, the Company owned interests in and managed a portfolio of 79 shopping centers and one office building with approximately 16.7 million square feet of gross leasable area. At March 31, 2015, the Company's core operating portfolio was 95.1% leased. Additional information regarding the Company is available on its corporate website: www.rgpt.com.
ABOUT HUDSON'S BAY COMPANY :
Hudson's Bay Company, founded in 1670, is North America's oldest company. Today, HBC offers customers a range of retailing categories and shopping experiences primarily in the United States and Canada. Our leading banners – Hudson's Bay, Lord & Taylor, Saks Fifth Avenue and Saks Fifth Avenue OFF 5TH – offer a compelling assortment of apparel, accessories, shoes, beauty and home merchandise. Hudson's Bay is Canada's most prominent department store with 90 full-line locations, two outlet stores and thebay.com. Lord & Taylor operates 50 full-line locations primarily in the northeastern and mid-Atlantic U.S., four Lord & Taylor outlet locations and lordandtaylor.com. Saks Fifth Avenue, one of the world's pre-eminent luxury specialty retailers, comprises 39 U.S. stores, five international licensed stores and saks.com. OFF 5TH offers value-oriented merchandise through 82 U.S. stores and saksoff5th.com. The Company also operates Home Outfitters, Canada's largest kitchen, bed and bath specialty superstore with 67 locations. Hudson's Bay Company trades on the Toronto Stock Exchange under the symbol "HBC".
This press release may contain forward-looking statements that represent the Company's expectations and projections for the future. Management of Ramco-Gershenson believes the expectations reflected in any forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, including deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, our continuing ability to qualify as a REIT and other factors discussed in the Company's reports filed with the Securities and Exchange Commission.