Secaucus, New Jersey - October 12, 1999 - The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today announced that, beginning in mid-November, the Company will offer its entire proprietary lifestyle brand of children's apparel and accessories to customers through its Web site, www.childrensplace.com.

Ezra Dabah, Chairman and Chief Executive Officer, commented, "We see our new online store as a natural extension of our physical store presence, complementing our marketing and branding efforts and offering customers the convenience of multiple sales and service channels by blending the offline/online shopping experience."

To ensure a high level of service and to capitalize on increasing customer demand for online commerce, the Company has engaged several leading providers of e-commerce services: Fingerhut Business Services, Inc. will provide complete fulfillment services, from order processing to "around-the-clock" customer service; Pandesic LLC, The Internet Company from Intel (Nasdaq:INTC) and SAP (NYSE: SAP), automates, hosts, and maintains the e-business infrastructure; Net Perceptions will provide personalization technology combining online and offline data to offer customized recommendations; Akamai will provide enhanced Web site performance via speed and efficiency in delivering Web content; and ZEFER Corp. has designed the Web site and will continue to provide strategic direction.

Mr. Dabah continued, "By working with companies with specialized expertise in e-commerce, we have developed a fun, easy-to-navigate, powerful, and highly functional Web site. For example, 'mix it' functionality gives customers the entire, fully coordinated Children's Place collection in every color to create an innovative, personal fashion look. By opening the online store, we will make our merchandise available to a broader range of customers."

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. The Company currently operates 268 stores located primarily in regional shopping malls in the eastern half of the United States.

This press release contains 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. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof.