Cedar Shopping Centers Announces President and CEO Leo Ullman to Retire June 15, 2011

Cedar Shopping Centers, Inc. CDR a fully-integrated real estate investment trust focused primarily on the ownership, operation, development and redevelopment of supermarket-anchored shopping centers in coastal mid-Atlantic and Northeast coastal states today announced that Leo S. Ullman, Chairman, President and Chief Executive Officer, will retire from Cedar effective June 15, 2011, the date of the Company's annual meeting of shareholders and directors. The Company also announced that Bruce Schanzer, 42, Managing Director - Real Estate Investment Banking at Goldman, Sachs & Co. has been named President and Chief Executive Officer effective as of that date. In addition, Mr. Schanzer will join Cedar's board of directors as a member. Mr. Schanzer brings to the Company substantial expertise in the areas of corporate and real estate finance as well as commercial real estate law. Mr. Ullman will act as consultant to the Company through September 30, 2011 in order to help effect a smooth transition.