SECAUCUS, N.J., Oct 30, 2001 (BUSINESS WIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today announced the opening of the Company's 500th store located in the Union Square area of downtown San Francisco, California. "Our new San Francisco store reinforces our focus of opening stores in the lucrative, under-penetrated California market by building upon our strong performance in urban locations," stated Ezra Dabah, Chairman and Chief Executive Officer. "We remain on track to open 120 stores in fiscal 2001, which will bring the total number to 520 and pass the half-way mark towards our next goal of operating 1,000 stores by the end of 2005" concluded Mr. Dabah. To celebrate the opening of the 500th store, the Company will open the Nasdaq market for trading this morning.

The Children's Place Retail Stores, Inc. is a leading specialty retailer of high quality, value-priced apparel and accessories for children, newborn to age twelve. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name.

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to release publicly any revisions to these forward looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by The Children's Place or any other person that the events or circumstances described in such statement are material.

CONTACT:          The Children's Place Retail Stores, Inc.
                  Seth Udasin, 201/558-2409                          
                  or
                  Morgen-Walke Associates, Inc.
                  Suzanne Rosenberg/David Waldman         
                  Media: Claudine Cornelis/Laura Novak    
                  212/850-5600