Tanger Factory Outlet Centers, Inc. ( TANG-ər; NYSE: SKT) is a real estate company that owns the chain Tanger Outlets, an outlet mall company headquartered in Greensboro, North Carolina.
The company derives its name from founder Stanley Tanger who opened the Burlington Manufacturer's Outlet Center (BMOC) in Burlington, North Carolina, in 1981. As of 2011, the company has 35 centers in 24 states.
The company operates as a REIT. In June 1993 it became the first publicly traded outlet company when it was listed on the New York Stock Exchange.
As of December 31, 2006, Tanger's 30 centers represented a gross leasable area (GLA) of approximately 8,400,000 square feet (780,000Â m2) and consisted of more than 1,800 stores, representing about 380 store brands. According to its website it had 150 million shoppers in 2006.
On January 24, 2011, it announced a $1 billion partnership with Canadian-based RioCan Real Estate Investment Trust to open up to 15 outlet locations in Canada within 7 years. It secured its first location in the Greater Toronto Area of Milton, Ontario at the Highway 401 and James Snow Parkway interchange to be ready for an April 2013 opening. Another planned location would be near the Canadian Tire Centre and Highway 417 in the western edge of Ottawa.
In November 2012, Tanger announced it will join Simon Property Group in constructing a new 400,000 sq. ft. center in Charlotte, North Carolina.
Tenants in its centers include Liz Claiborne, Gap, Banana Republic, Old Navy, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Nautica, Abercrombie & Fitch, Hollister, Eddie Bauer, Brooks Brothers and Nike.
References
Discovering Our Style at Tanger Outlets - Start the year right by updating your wardrobe and looking fabulous without breaking the bank at Tanger Outlets. For this fun feature I had the pleasure to collaborate with my Bff Donah of...
External links
- Official website
- International Directory of Company Histories, Vol. 49. St. James Press, 2003 (via fundinguniverse.com)
