Fresh off a strong fiscal year, Tanger is looking to add more full-price shopping centers to its portfolio as it branches out beyond outlets, President and CEO Stephen Yalof told Modern Retail.
Tanger, known for its outlet malls, is a longstanding player in the space, having opened its first outlet center in 1981 in North Carolina. Yet, a little over a year ago, it made its foray into a different market: full-price lifestyle centers. Tanger completed its first such acquisition — Bridge Street Town Centre in Huntsville, Alabama — in November 2023 for $193.5 million. In December, it acquired The Promenade at Chenal in Little Rock, Arkansas for $73 million. And earlier this month, it snapped up Pinecrest, a mixed-use center in Cleveland, Ohio, for $167 million.
Tanger has 38 outlet centers across the U.S. and Canada that span millions of square feet. Operating those is a tall task, but the company isn’t worried about making room for another business model. Full-price and outlet are “a shared service for a lot of these retail companies, so it’s an easy extension for us,” Yalof told Modern Retail. “It’s been quite natural and it’s been a great run.”
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