Crosland Signs Wal-Mart Supercenter at Whitehall

Charlotte, N.C., March 27, 2002 Crosland, one of the Southeast’s leading, diversified, privately-held real estate companies, has sold 17 acres to Wal-Mart Stores, Inc. to open the Charlotte region’s first Wal-Mart Supercenter in the 700-acre mixed-use community of Whitehall located on N.C. 49 off Interstate 485 in southwest Charlotte.

The development also incorporates two hotel sites, appealing green spaces and several man-made lakes. A 500,000-square foot center called Whitehall Commons will host the Wal-Mart site, Lowe’s Home Improvement Warehouse and other popular local and regional retailers, which are already open.

“This sub-market is one of the fastest growing in the city,” says Peter B. Pappas, a senior vice president with Crosland’s retail division. “We’re especially pleased with this decision. Given Wal-Mart’s wide market appeal, this will be an attraction for a broad range of consumers in the southwest Charlotte region.”

The 234,000-square-foot store is one of the company’s larger prototypes and will include a supermarket in addition to traditional retail offerings. Opening is anticipated in August.

About Wal-Mart

With annual sales of $191 billion, Wal-Mart Stores, Inc. operates more than 2,600 discount stores, Supercenters and Neighborhood Markets, and more than 480 SAM'S CLUBS in the United States. Internationally, the company operates more than 1,080 units. Wal-Mart employs 962,000 associates in the United States and 282,000 in other countries. The company's securities are listed on the New York and Pacific stock exchanges under the symbol WMT. Last year, Wal-Mart associates raised and contributed more than $190 million to support communities and local non-profit organizations.