Swire Properties Ltd. announced today (8th July, 1997) the following major tenancies for Festival Walk, the company's joint venture retail/commercial developement with CITIC Pacific at Yau Yat Tsuen, Kowloon:

AMC Entertainment Inc. : to operate an 11-screen, 2,000-seat cineplex of nearly 70,000 sq. ft., with continual showing schedule, state-of-the-art audio visual technologies and an innovative customer loyalty programme

Marks & Spencer : to operate a 41,000 sq. ft. store, the largest M&S store in the region

Hutchison Group : to operate four stores including a 34,000 sq. ft. Park 'N Shop megastore, an 18,000 sq. ft. Bhs store, a 12,000 sq. ft. Fortress and a 5,500 sq. ft. Watson's, a total of 69,500 sq. ft.

The Swank Shop Ltd. : to operate designer fashion stores at Festival Walk

Esprit : a 12,000 sq. ft. flagship store

All five tenants have committed to large floor areas at Festival Walk, giving them the flexibility and luxury of space for innovations and creativity. These, together with other leading local and international retailers already signed up, bring together an exciting, comprehensive mix of shopping and entertainment.

Mr. Jolyon Culbertson, Director and General Manager of Swire Properties, is pleased with the strong market interest shown at Festival Walk.

"With mid-1998 as target opening date, over 50% of the 1 million sq. ft. of retail space at Festival Walk has already been pre-let," he said. "These tenants are all leaders in their own fields and represent a cross-section of facilities ranging from specialist and general retailing to restaurants and motion picture exhibition," Mr. Culbertson said.

Apart from the five groups above, Mr. Culbertson also pointed out some of the household names which will be part of the trade mix of Festival Walk: Royal Sporting House and Generation R, Guess?, DKNY, AX Armani Exchange, Hugo Boss, Max & Co., agnes b, The Body Shop, House of Canton, Zen, Dan Ryan's and El Cid. They all promise to be shoppers' popular destinations.

"Today's consumers need ever-greater stimulation in an increasingly crowded and sometimes ordinary shopping environment. In seeking out potential tenants, our marketing efforts are focused on bringing in the most innovative and consumer-oriented retailers to provide the most sensory and pleasurable shopping experience," Mr. Culbertson commented.

Located at the heart of Kowloon, Festival Walk adjoins some of Kowloon's most sought-after neighbourhoods: Yau Yat Tsuen, Ho Man Tin Hill and Kowloon Tong. About half a million people live within five minutes of the centre. Research shows that the target customers in Festival Walk's immediate catchment area can on average afford to spend more than HK$2.4 billion a month on lifestyle items. It fills a gap in one of the most under-served areas of the city in retail terms.

Festival Walk is adjacent to the busy Kowloon Tong interchange of the MTRC and KCR. It will be the regional shopping centre drawing consumers not just from Kowloon and the New Territories, but also from as far away as Shenzhen and Southern China.

"Our strong product mix will create a 'Festival blend' of retail stores, restaurants and entertainment facilities, all of which can be enjoyed in air-conditioned comfort, under one roof, at a destination that is well served by public transport," Mr. Culbertson added.

The Festival Walk Internet site can be found at http://www.festivalwalk.com.hk

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