JCPenney to open August 2008 - ASHLAND, KY — The Ashland Town Center today announced plans for a new JCPenney anchor store that when complete will include over 104,000 square feet of retail space. The store, to be built on the south side of the center, will be the first JCPenney in Kentucky to be built in the retailer’s latest store format, with wider aisles and updated fixtures to provide an easy and more convenient shopping environment. The new store is planned to open in August of 2008.

"We are thrilled to finally announce this project," said Merri Hurn, General Manager of the Ashland Town Center. "We are constantly looking for ways to improve the service and selection that we provide to our customers. The new JCPenney building will add even more strength to our offering, and we're certain that this project will further enhance the customer’s shopping experience."

In addition to the new JCPenney, Glimcher, owner and manager of Ashland Town Center, will be making several updates to the center. The updates will include a restroom remodel, an addition of a family restroom and several interior updates. Redevelopment plans also call for Cheddar’s Casual Café, an 8,000 square foot restaurant that will be located on the southeast end of the parking lot.

"We are excited about the upcoming development at the Ashland Town Center," stated Hurn. "The new development will provide enhanced amenities so customers have a comfortable shopping experience."

"Today, the Ashland Town Center Mall is the cornerstone of a thriving retail market and employs over 900 people," stated Steve Gilmore, the Mayor of Ashland. "Its success has encouraged further development which continues to enrich the lives of residents all over the region," stated Gilmore. "We are very proud of our mall!"

Glimcher is currently talking to several prospects about the current JCPenney building. It hopes to have leases finalized for this location in early Spring of 2008.

"The new JCPenney will be more than twice as large as our current store and will allow us to provide even more of the merchandise and services that matter to our customers every day,” said Kirk Bell, JCPenney district manager. "Our new store, combined with the improvements Glimcher is planning for the mall, will create an even more inviting and convenient shopping destination for the people of Ashland."

For more information on the event, please visit www.ashlandtowncenter.com or call the Mall Office at 606.324.1100.

About the Company

Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of regional and super-regional malls. At March 31, 2008, the Company's mall portfolio, including assets held through one of the Company's strategic joint ventures, consisted of 23 properties located in 14 states with gross leasable area totaling approximately 20.6 million square feet. The community center portfolio is comprised of four properties representing approximately 1.0 million square feet. Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT." Glimcher Realty Trust's Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols "GRT-F" and "GRT-G," respectively. Glimcher Realty Trust is a component of both the Russell 2000® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market.

Click here for the PDF Version.