August 31, 2010

Developers Diversified Realty Announces New Stores and Store Expansions at Macedonia Commons in Cleveland, Ohio

BEACHWOOD, Ohio, Aug 31, 2010 /PRNewswire via COMTEX News Network/ -- Developers Diversified Realty Corporation (NYSE: DDR) today announced that Walmart, Hobby Lobby, Five Below, Dots and rue21 are among the retailers opening and expanding at Macedonia Commons, a 543,987 square-foot community center located in Cleveland, Ohio.

Walmart is expanding from a 121,000 square-foot store to a 167,000 square-foot store which will feature a full line of groceries. Leading specialty and fashion retailer, rue21, is expanding from a 3,700 square-foot store to a 4,900 square-foot store. Both store expansions are expected to be completed later this year.

Recent openings at Macedonia Commons include a 54,000 square-foot Hobby Lobby, an arts, crafts, and home decor retailer; and an 8,000 square-foot Five Below, a leading retailer of trend-right and extreme-value merchandise for teens and pre-teens.

Dots, an affordable woman's clothing and accessories retailer, will open a 5,000 square-foot store early in 2011.

In addition to the new and expanded stores, Macedonia Commons currently features Home Depot, Kohl's, Cinemark, PetSmart, Champs Sports as well as specialty stores and restaurants. The shopping center is 97 percent leased.

"This exciting project is a good example of our commitment to expand, renovate and remerchandise prime assets with leading retailers that continue to grow market share despite economic conditions," said Paul Freddo, senior executive vice president of leasing & development for Developers Diversified.

About Developers Diversified Realty

Developers Diversified owns and manages approximately 620 retail operating and development properties in 42 states, Brazil, Canada and Puerto Rico. Totaling more than 137 million square feet, the Company's shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Company's website at www.ddr.com.

SOURCE Developers Diversified Realty Corporation

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