Secaucus, New Jersey - May 14, 2001 - The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced the re-launch of the Company's virtual online store, childrensplace.com. With the re-launch, the Company has brought fulfillment in-house and made improvements to the overall design, layout and functionality of the site.

"The re-launch of our online store, childrensplace.com, marks a big step in the creation of a single, integrated multi-channel solution," commented Mario Ciampi, Senior Vice President of Store Development and Logistics. "Our new site was developed jointly with Triversity, Inc., our existing point-of-sale software vendor, and will allow us to link our brick-and-mortar stores seamlessly with our virtual environment. The new site is simpler, faster, easier to navigate and more customer friendly, and will provide us immediate cost savings and controls that are realized by bringing our e-commerce fulfillment and customer service in-house. As a result, we are able to assure our customers a smooth and enjoyable online shopping experience with a high level of customer service."

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. Currently, the Company operated 443 stores in 43 states. The Company also sells its merchandise through its virtual store located at www.childrensplace.com.

This press release and above reference call 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 or listeners (on the call) 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.