by David Ober, president of DOCR. Contact info - 717.314.2468

1. Culture of Value Today’s consumers and retailers are entering outlet malls faster than one can say 30% off! - Shopping Centers Today , April 2010

2. Culture of Value Just a decade ago consumers linked outlet malls to a hit-or-miss or shopping experience How times have changed…

3. Culture of Value Today outlets are being built in metro areas not en route to them More retailers are opening or tailoring products to them

4. To name a few…

5. And this year… Is slated to open its first outlet ever at Woodbury Common

7. Outlet Occupancy Up Full price mall occupancy fell to 89% Outlet mall occupancy held up well at 95%

8. Mergers & Acquisitions Property Group, Inc. + ‘ 04 ‘ 07 ‘ 09

9. Where are we headed? Outlet properties are outperforming regional malls: Occupancy (97.9 vs 92.1) Sales psf ($500 vs. $433) Property Group, Inc.

10. Where are we headed? Simon is retooling former Mills properties to function more like outlet malls More retailers are developing outlet strategies

11. Where are we headed? Over the past 3 years: More retailers are opening outlet stores than full price concepts The word “sensitivity” seems to be evaporating

14. Where are we headed? Outlet shopping has stayed strong during the spending downturn by the American consumer.

15. Where are we headed? As such the outlet shopper profile has broadened Savvy shoppers who want “lifestyle for less” Cut out the middle man

16. Where are we headed? We now have stores operating at $800-$1,000 per sq. ft. Strict tenant sale policies – minimum of 30% off MSRP

17. Planned Openings Only large outlet developer to plan a Phase 1 opening in 2010 Opening October 2010 Leeds, Alabama

20. Planned Openings Craig Reality working on several centers/expansions Talisman planning two ground up centers: Chicago and Cabazon, CA

21. Planned Openings Outlet veterans looking to tackle Alaska and Hawaii We’re an industry in motion…

22. International Outlet Shopping Centers and Regions for Development