Officials at The Rouse Company (NYSE:RSE) announced that it has partnered with Discover Financial Services, Inc. and MidAmerica Gift Certificate Company to launch a mall gift card program at 42 of its properties.
The mall gift card program will replace existing paper gift certificate programs at Rouse Company shopping locations across the country beginning in mid-May and the rollout will continue through the summer months. The gift cards may be redeemed at any store within the shopping center that accepts the Discover(R) Card. The prepaid card product will be issued on the Discover(R)/NOVUS Network and MidAmerica will be handling the processing and fulfillment for all gift card purchases at each mall property and its web site.
“The functionality and flexibility of the Discover Network coupled with MidAmerica’s long-term experience within the shopping center industry was the driving force behind our decision to move forward with this new program,” said Andy Tilmont, Vice President and Director of Operations for The Rouse Company. “Additionally, we are pleased with the ability to limit the redemption of the gift cards expenditures to retailers located within Rouse shopping centers.”
About The Rouse Company
Headquartered in Columbia, Md., The Rouse Company was founded in 1939 and became a public company in 1956. A premier real estate development and management company, The Rouse Company, through its numerous affiliates, operates more than 150 properties encompassing retail, office, research and development and industrial space in 22 states. The Company is also the developer of the planned communities of Columbia, Md., and Summerlin, along the western edge of Las Vegas, Nev., and a new project, Bridgelands, in Houston, Tex. The Company is also an investor in The Woodlands, a planned community in Houston, Tex.
About Discover Financial Services, Inc.
Discover Financial Services, Inc., a business unit of Morgan Stanley (NYSE:MWD), operates the Discover Card brands and the Discover(R)/NOVUS Network for its more than 50 million Cardmembers. Discover/NOVUS Network is the largest independent credit card network in the United States with approximately 4 million merchant and cash access locations.
About MidAmerica Gift Certificate Company
MidAmerica Gift Certificate Company, a Colorado corporation, is a subsidiary of Winston-Salem, N.C.-based BB&T Corporation (NYSE:BBT). BB&T, with $94.3 billion in assets, is the nation’s 10th largest full-service financial-holding company. MidAmerica Gift Certificate Company’s roots extend back more than 38 years to an affiliated bank’s regional money order company that began offering shopping mall gift certificate programs in 1991. Since that time MidAmerica Gift Certificate Company’s customers have issued more than $2 billion in gift certificates and gift cards.