True Religion Apparel, Inc. (Nasdaq: TRLG) today announced the opening of a new branded retail store in the Mall of America in Bloomington, Minnesota. Located at 60 East Broadway, the 2,000-square-foot branded store will offer shoppers the entire True Religion collection for men, women and kids, including its signature jean styles, its expanding denim and sportswear collection, and a full range of licensed product, such as footwear, swimwear, headwear, handbags and fragrance.
Recognized as the largest shopping mall in the United States in terms of total enclosed square footage, the Mall of America encompasses a gross area of 4.2 million square feet, including 2.5 million square feet of retail space, and is home to over 520 retailers. The Mall of America, which is the number one tourist destination in the Midwest, attracts over 40 million visitors each year and it is estimated that the average dollar spent per visit at Mall of America is 52 percent higher than the nationwide average. Anchored by Bloomingdale’s and Nordstrom, the Mall of America is home to several high-end premium retailers not replicated elsewhere within the regional market, including Burberry, Lacoste and Swarovski. Mall of America is currently in the process of a Phase II development granting Mall of America development rights for up to an additional 5.6 million square feet of mixed use space. Complementing Mall of America, Phase II is designed like a lifestyle center under glass with upscale retail, hotel and entertainment options and is expected to attract additional upscale customers with an estimated annual household income of more than $100,000.
“We are excited to announce our entrance into the Twin Cities metropolitan area with the debut of our Mall of America branded retail store,” said Jeffrey Lubell, chairman and chief executive officer of True Religion Apparel, Inc. “Residents and tourists alike to the Twin Cities metropolitan area will now have the opportunity to view the entire collection of True Religion branded apparel in our distinctive retail environment. We are confident that our Mall of America branded retail store will serve as excellent means to grow awareness of the True Religion brand in the Midwest.”
“Mall of America remains one of the premier shopping, entertainment and tourist destinations in the U.S., attracting over 40 million visitors per year and generating sales of approximately $950 million in 2007. With sales per square foot of approximately $625, the Mall of America exemplifies the high traffic, high volume characteristics we seek as we expand our branded retail store base,” said Michael Buckley, president of True Religion Apparel, Inc.
About True Religion Apparel, Inc.
True Religion Apparel, Inc. is a growing, design-based premium aspirational brand. The company designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans. Its expanding product line, which includes high quality distinctive styling and fit in denim, sportswear, and licensed products, may be found in premium department stores and boutiques in 50 countries around the world, including the United States, Canada, Germany, United Kingdom, Japan, Korea, France, Spain, Sweden, Greece, Italy, Mexico, Australia, South Africa and China. For more information, please visit www.truereligionbrandjeans.com.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including uncertainties as to the nature of the apparel industry, including changing customer demand and tastes, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.