Tanger Factory Outlet Centers, Inc. ( ) is a
real estate investment trust
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...
headquartered in
Greensboro, North Carolina
Greensboro (; formerly Greensborough) is a city in and the county seat of Guilford County, North Carolina, United States. It is the List of municipalities in North Carolina, third-most populous city in North Carolina after Charlotte, North Car ...
that invests in
shopping center
A shopping center (American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof.
The first known collec ...
s containing
outlet store
An outlet store, factory outlet or factory shop is a brick and mortar or online store in which manufacturers sell their stock directly to the public. Traditionally, a factory outlet was a store attached to a factory or warehouse, sometimes allowi ...
s in the United States and Canada.
As of December 31, 2019, the company owned 32 shopping centers comprising 12.0 million square feet and over 2,400 stores.
[
The company's largest tenants are Gap, ]Ascena Retail Group
Ascena Retail Group, Inc., is an American retailer of women's clothing. Ascena also owns Lane Bryant clothing store brand, and is the parent company of Ann Inc., operator of Ann Taylor and Loft stores.
Chairman Emeritus Elliot Jaffe and his wife ...
, Nike, Inc., PVH, H&M, Ralph Lauren Corporation
Ralph Lauren Corporation is an American publicly traded fashion company that was founded in 1967 by American fashion designer Ralph Lauren. The company is headquartered in New York City, producing products ranging from the mid-range to the luxur ...
, and VF Corporation
VF Corporation (formerly Vanity Fair Mills until 1969) is an American global apparel and footwear company founded in 1899 and headquartered in Denver, Colorado. The company's 13 brands are organized into three categories: Outdoor, Active and Wor ...
.[
Notable properties owned by the company include ]Tanger Outlets The Walk
Tanger Outlets The Walk is a 109-store open-air outlet mall in Atlantic City, New Jersey. It is the only outlet mall in Atlantic County. The mall opened in August 2003 and spans 3 city blocks, featuring a unique layout in outlet mall construction. ...
, Tanger Outlets Southaven (Memphis), Tanger Outlets Pittsburgh
Tanger Outlets Pittsburgh, also called Tanger Outlets Washington is an open-air outlet mall in South Strabane Township in Washington County, Pennsylvania owned by Tanger Factory Outlet Centers. It is within the Greater Pittsburgh metropolitan ...
Tanger Outlets Foxwoods, Tanger Outlets Ottawa and Tanger Outlets Columbus.[
]
History
In 1981, Stanley Tanger opened the Burlington Manufacturer's Outlet Center in Burlington, North Carolina
Burlington is a city in Alamance and Guilford counties in the U.S. state of North Carolina. It is the principal city of the Burlington, North Carolina Metropolitan Statistical Area, which encompasses all of Alamance County, in which most of th ...
.public company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...
via an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...
.
In January 2009, Steven B. Tanger, the son of the founder and the namesake of the Steven Tanger Center for the Performing Arts
Steven Tanger Center for the Performing Arts in downtown Greensboro, North Carolina is an $88 million 3,023-seat performing arts facility. Its first public performance was a September 2021 concert which was followed by an official opening in Novem ...
, became president and CEO of the company.[ That same year in September, founder Stanley K. Tanger resigned the position of chairman.]joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
with RioCan Real Estate Investment Trust
RioCan Real Estate Investment Trust is the second-largest real estate investment trust (REIT) in Canada. It has an enterprise value of approximately $14 billion, and owns 289 primarily retail properties, with a net leasable area of 44 million ...
to develop outlet malls in Canada. In June 2011, the company formed a joint venture with Simon Property Group
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/ lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in In ...
to develop a shopping center south of Houston, Texas
Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 i ...
.
In October 2015, the company sold 5 shopping centers for $150.7 million. In April 2019, the company sold 4 shopping centers to Singerman Real Estate and The Outlet Resource Group for $130.5 million.
References
External links
{{Authority control
1981 establishments in North Carolina
American companies established in 1981
Companies based in Greensboro, North Carolina
Companies listed on the New York Stock Exchange
Real estate investment trusts of the United States
Shopping malls established in 1981
Shopping center management firms