Showing posts with label Tanger. Show all posts
Showing posts with label Tanger. Show all posts

Phoenix Tanger outlet mall appears dead

A proposal to build a Tanger outlet mall in the West Valley has been withdrawn from the City of Phoenix Planning and Zoning Commission, effectively killing the deal.

According to Phoenix Planning and Zoning Commission Spokesman Michael Hammett, the project was slated to appear in front of the Maryvale Village Planning Committee Wednesday night. It would have sought to rezone about 50 acres of land near 99th Avenue and Campbell Avenue, but developers pulled the rezoning application.

The application was required to get the project built. Hammett said developers do not need to provide a reason to pull the application from consideration.

A Tanger spokesman wasn’t immediately available Thursday afternoon for comment and didn’t respond to an email asking about the status of the deal. A message left for Stephen Earl, of Phoenix-based Earl, Curley and Lagarde, P.C., the zoning attorney for the application, wasn’t immediately returned.

Tanger announced earlier this month that it would build two retail outlet centers locally -- one on each side of the Valley.

The East Valley project is to be built on land owned by the Salt River Pima-Maricopa Indian Community.

There is no word yet on whether that project has also been mothballed.

Hammett said developers can re-submit a rezoning application at any time, but would have to begin the rezoning process again.

Tanger Increases Dividend for 18th Consecutive Year

Company Release - 04/07/2011 08:30

GREENSBORO, N.C., April 7, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc.(NYSE:SKT), announced today that its Board of Directors approved a 3.2% increase in the annual dividend on its common shares from $.775 per share to $.80 per share. Simultaneously, the Board of Directors declared a quarterly dividend of $0.20 per share for the first quarter ended March 31, 2011. A cash dividend of $0.20 per share will be payable on May 13, 2011 to holders of record on April 29, 2011.

The company has paid dividends each quarter since becoming a public company in May 1993.

Tanger Outlet in Mebane doesn't live up to county's expectations

by Chris Lavender / Times-News


SALES AND PROPERTY TAX revenues from Tanger Outlet in Mebane, which opened last November, have not lived up to the county’s expectations. This has also impacted the county’s budget plans, county officials said.

“We thought Tanger would do much better and it hasn’t,” Honeycutt said about the tax revenue generated by Tanger Outlet.

Weaver said she doubts the county would meet its $20.5-million projection for sales tax revenue countywide for fiscal 2010-2011. The county’s property tax revenue would also fall short of the projected $63 million for fiscal 2010-2011.

The county projected it will collect $61.9 million in property taxes and $19 million in sales taxes during fiscal year 2011-2012.

Weaver said after the budget retreat that the county had hoped that Tanger Outlet in Mebane would provide up to $400,000 in additional sales tax revenue per month for the county since it opened last November. These projections have fallen short since the county collected an additional $99,000 in November over October and an additional $250,000 in December over November in sales taxes, Weaver said.

Weaver said property values have also declined during the last budget year, adding additional strain on the county’s ability to generate projected property tax revenue.

The proposed budget plan for fiscal 2011-2012 provides a means for the commissioners to raise the local sales tax and property tax rates to generate additional revenue. Weaver said the county could select to raise its tax rates to collect an additional $1.5 million in property taxes and an additional $1.5 million in sales taxes during the new fiscal year, providing an additional $3 million in tax revenues for the county.

Honeycutt said last month he preferred to keep the county’s property tax rate at its current rate of 52 cents per $100 of assessed value.

If the county commissioners agreed to follow Honeycutt’s proposed changes in revenues and expenditures, then the $9.8 million deficit would become a $776,376 surplus, according to the figures provided by county management at the budget retreat.

There’s no cost of living adjustment for county employees in the county management’s budget plan.

Kittery area job fair April 19

Kittery Job Fair and Interviewing/Application tips with Kennebunk Savings and Tanger Outlet staff. Kittery area employers will be on hand to interview and hire potential employees for the upcoming summer season.

The job fair will be held at the Kittery Community Center at Frisbee Common, on Tuesday, April 19, from 10 a.m.-3 p.m. Potential employees should dress appropriately and have resumes/experience with them.

A current list of participating Kittery businesses includes: Kittery Recreation Department, Kennebunk Savings, Children's Place Outlet, Old Navy American Eagle Outfitters, Bass, Van Heusen, Clarks Bostonian, Jockey.

Not sure on what to include on a resume or application? Nervous about interviewing? Staff Resource Department members of the Tanger Outlet Centers and Kennebunk Savings host a mini-session at the Kittery Job Fair at the Kittery Recreation Department from 12:30-1 p.m.

SOURCE: Fosters.com

Greensboro dedicates part of Hobbs Road to Tanger family

A portion of Hobbs Road has been dedicated to the Stanley Tanger family, in honor of its contributions to the city of Greensboro.

Stanley Tanger, a longtime Greensboro resident and noted philanthropist, founded the outlet center shopping industry. He built his discount retail empire — and the very concept of the outlet mall — from a single shopping center in Burlington. Tanger Outlets, now run by his son, Steven, grossed $270 million last year. One of its newest center's is off Interstate 85 in Mebane.

Tanger died last October.

The City Council approved the honorary move during its March 1 meeting. Signpost toppers were placed at Hobbs Road intersections, from Starmount Farms Drive, near the Tanger Family Bicentennial Garden, to Jefferson Road and Temple Emanuel, last week.

The honorary street name does not change the permanent street name and residents will not need to change their address.

Tanger Outlets Schedule First Quarter Earnings Conference Call

Company Release - 04/05/2011 08:30

GREENSBORO, N.C., April 5, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc.(NYSE:SKT) announced today that its financial results for the first quarter ended March 31, 2011 will be released Tuesday evening, April 26, 2011 after the market close. The Company will host its conference call for analysts, investors and other interested parties on Wednesday, April 27, 2011 at 10:00 a.m. eastern time.

To access the conference call, listeners should dial 1-877-277-5113 on Wednesday, April 27, 2011 and request to be connected to the Tanger Factory Outlet Centers First Quarter 2011 Financial Results call.

Alternatively, this call is being webcast and will be available to the public on Tanger's Investor Relations website, hosted by SNL IR Solutions, and is available by clicking the Investors link on http://www.tangeroutlet.com/. SNL subscribers may also access the webcast via the SNL database, http://www.snl.com/.

A telephone replay of the call will be available from April 28, 2011 at 1:00 p.m. eastern time through 11:59 p.m., May 4, 2011 by dialing 1-800-642-1687, conference ID # 53743166. An online archive of the broadcast will also be available through May 4, 2011.

Big Crowds for Tanger Outlet Reopening

by WSAV.com



Tanger Outlet in Bluffton is rebuilt, and reopened with hopes of big success

Izod and Loft outlets coming to Tanger Oultet in Tilton

By Matthew Spolar - The Concord Monitor

Izod and Loft stores are coming to the Tanger Outlet Center in Tilton.

Both stores will open in the first week of April. Tanger is located left from Exit 20 off Interstate 93 in Tilton.

Eric Proulx, general manager of the outlet center, said in a statement that he is delighted by the arrival of both stores.

Izod "offers dressy-casual and sportswear apparel that mimics our everyday shoppers," Proulx said. As for the Loft outlet store, "it's exciting to give our Tanger customers the opportunity to save on fashions and accessories from one of the world's most popular brands."

Tanger donates $20K to Middlesex Hospital Cancer Center

Acc03_TangerOutlets_WEBTanger Outlets mall in Westbrook recently donated $19,688 to the Middlesex Hospital Cancer Center from Tanger Outlets, Westbrook. The presentation took place at Water’s Edge Resort and Spa in Westbrook at Tanger’s annual manager’s meeting. Tanger raises money for the cancer center through different events, the largest of which are the annual Tanger Pink & Choose and the Tanger Fit for Families 5K Run/Walk at the mall. Laura Martino, left, the hospital’s marketing director, and Gary Havican, center, administrative director received a check from Tanger-Westbrook General Manager John Dolishny.

Westbrook Tanger Outlets Holding Job Fair

By Fay Abrahamsson - The Clinton Patch

Friday, March 25 from 10:00am to 7:00pm and Saturday, March 26 from 10:00am to 5:00pm

There are new full-time and part-time jobs becoming available with the opening of the largest store in the 16-year history of the center.

VF Outlet, soon to open, is holding a job fair for their brand new store (currently under construction) on Friday, March 25 from 10:00am to 7:00pm and on Saturday, March 26 from 10:00am to 5:00pm.

At 20,000 square feet, the new VF Outlet will be the largest store at Tanger Outlets. Currently, most stores are 4,000 - 6,000 square feet with the exception of HANES brands stores which is about 15,000 square feet.

Quick Facts

- What: Job Fair
- When: Friday, March 25 from 10:00am to 7:00pm and Saturday, March 26 from 10:00am to 5:00pm
- Where: Tanger Outlets, 314 Flat Rock Place, Westbrook, Connecticut, Suite B110
- Positions: Full-Time Assistant Store Managers, Full-Time Merchandise Specialists, Part-Time Retail Service Clerks.

"My Jeans" Viral YouTube video shot at Tanger Outlet in Deer Park



By BETH WHITEHOUSE - Newsday.com

 Dix Hills seventh-grader Jenna Rose Swerdlow watched her bedroom computer screen in amazement as her YouTube music video "My Jeans" catapulted toward 1 million views over the weekend. The song she filmed in her pink-and-green bedroom and at the Tanger Outlet Center in Deer Park has mimicked the notoriety of Southern California teenager Rebecca Black, whose video "Friday" went viral after bloggers and TV personalities called it "the worst."

Jenna's song is about a pair of her jeans, studded with jewels and appliqués, that she discovers pop stars are also wearing. Lyrics include: "Hannah Montana is wearing my jeans. Ashley Tisdale is wearing my jeans."

"Everyone's singing it," Jenna, 12, says of her West Hollow Middle School classmates. "All the eighth-graders know me. Today in the hall this kid came up to me and said, 'Jenna Rose!' and I'm like, 'Who are you?' "

Why have 1.2 million people suddenly watched a video that has been on various websites since August? That's what Jenna's mom wondered when she noticed "My Jeans" had jumped from 5,500 to 60,000 views in one day last week. "I said to my husband, 'This is not normal.' "

Debbie Swerdlow did some Web surfing and found the source: Blogs and websites have been promoting "My Jeans" as the same kind of music video as Rebecca Black's "Friday." The two auto-tuned videos have similarities -- both girls start out in bed waking up for school, both hop into cars with friends, both have an interlude done by African-American rappers.

Publicity is a double-edged sword. Jenna's dad, Robert, started screening comments on her YouTube page because some were inappropriate and mean. But Jenna's parents are hoping this will end with Jenna being signed professionally. After all, Black's video has had 13 million views, the song is now No. 35 on iTunes (as of 11 Monday night), and the teen appeared last week on "Good Morning America."

Jenna has been singing since she was 2 and has appeared in plays at Long Island theaters, including the BayWay Arts Center and the Smithtown Performing Arts Center. She had been planning to launch another music video, and now the Swerdlows are speeding up the release to this weekend.

The topic is perfect timing -- the new song, called "O.M.G.," responds to cybercritics and cyberbullying, Debbie Swerdlow says. "She wanted to do a song about haters."

The refrain: "They know that they love me, they know that they hate me, no matter what, I am a star."

Tanger Re-Opens Its Gloriously Green Hilton Head I Center

Company Release - 03/22/2011 13:06

GREENSBORO, N.C., March 22, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) will celebrate the Gloriously Green Grand Re-Opening of the Tanger Hilton Head I Center on Thursday, March 31, 2011, with activities taking place throughout the weekend.

At 11:00 a.m., Steven B. Tanger, President and CEO of Tanger Factory Outlet Centers, Inc., will be joined by the Honorable Nikki Haley, Governor of South Carolina, for the Official Tanger Hilton Head I Ribbon Cutting. The event will take place on the Gloriously Green space where most of the re-opening activities will be housed. Celebrity Co-Hosts, Jenifer Andrews, News Anchor, WJCL-TV Savannah, and Derek Hough of the ABC hit show Dancing With The Stars, will also be part of the Ribbon Cutting Celebration.

Tanger redeveloped its Gloriously Green Hilton Head I Center with sensitivity towards the Hilton Head area's unique natural beauty and ecology. Environmentally-friendly building practices were adhered to including the preservation of trees that were replanted in the landscape, as well as the collection and filtration of millions of gallons of stormwater runoff. These eco-friendly initiatives, among others, led to Tanger's Hilton Head I Center being designated as the first LEED® Certified Green shopping center in Beaufort County, South Carolina.

The ambitious, year-long redevelopment of the Tanger Hilton Head I Center included the demolition of the original center, built in 1987, and the temporary relocation of many of its stores. The site has now been transformed into a $43 million, state-of-the-art Tanger Outlet Center that provides shoppers with more than 40 outlet stores and the latest shopping amenities.

Tanger, during the Gloriously Green celebration, will also show its support for the Coastal Discovery Museum on Hilton Head Island, who educates the public about the area's endangered sea turtles. Through a special, invitation-only VIP Tanger Shopping Night on Wednesday, March 30, from 5:00 p.m.-8:00 p.m., Tanger will donate a percentage of these proceeds to the Coastal Discovery Museum during the Ribbon Cutting event.

The redeveloped 177,000 square foot Tanger Hilton Head I Center will welcome brand name bargain hunters with an upscale array of popular outlet names such as Adidas, BCBG, Brooks Brothers Factory Store, Donna Karan, J. Crew, Joe's Jeans, Kenneth Cole, Le Gourmet Chef, New Balance, Nine West, Saks Fifth Avenue OFF 5TH, Talbots, Theory, Tommy Hilfiger, Under Armour and many more. These brand name and designer outlet stores will provide savvy Hilton Head shoppers with a wide selection of the latest seasonal fashion trends and real deals, direct from the manufacturer.

The Tanger Outlet Center Hilton Head I and its sister center, Tanger Hilton Head II, make a substantial economic impact on the Hilton Head community and the state of South Carolina. These two Tanger centers generate a combined $344,000 in annual property tax revenue and $6.9 million in annual sales tax revenue. Tanger Hilton Head I and II also provide 800 full-time and part- time jobs for Hilton Head area residents. Each year, more than 4.5 million customers shop and save at the Tanger Outlet Centers in Hilton Head.

The Tanger Hilton Head I Grand Re-Opening Ribbon Cutting will pay tribute to all Beaufort County, South Carolina veterans. Members of the 131st Military Police Company Color Guard of the South Carolina Army National Guard will be on hand to dedicate Tanger's United States flag and a bronze plaque commemorating local members of the U.S. Armed Forces who have died serving their country. The Hilton Head Christian Academy Band will perform the National Anthem.

Derek Hough of Dancing with the Stars to be at Tanger reopening.

Derek Hough of “Dancing with the Stars” and Gov. Nikki Haley are scheduled to attend the grand opening of the rebuilt Tanger Outlet Center 1 on March 31 in greater Bluffton.
Hough, the ABC TV show’s only three-time champion, and Haley will join Tanger Factory Outlet Centers president and CEO Steven Tanger for an 11 a.m. ribbon cutting according to a Tanger announcement.

At 1 p.m., 22 contestants will win a chance to dance with Hough in a class/exhibition. The winners will be picked from entries made online at Tanger’s and ABC’s websites and in-person at Tanger Outlet Center II.

Hough also will sign autographs that afternoon and perform a dance demonstration with Hilton Head’s Fred Astaire Dance Studio Dancers at 5 p.m., Tanger officials announced.

SOURCE: The Island Packet

RioCan and Tanger to Build Canada's First Tanger Outlet Center in Greater Toronto

Company Release - 03/14/2011 09:00

TORONTO and GREENSBORO, N.C., March 14, 2011 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) and Tanger Factory Outlet Centers, Inc. ("Tanger") (NYSE:SKT), through their exclusive joint venture, announced today that they have entered into a purchase and sale agreement to acquire a 35 acre parcel of land to build the first Tanger Outlet Center in the Greater Toronto Area ("GTA"). The site for its first factory outlet will be Halton Hills, on Highway 401 at the James Snow Parkway interchange. The project is scheduled to start in the fourth quarter of 2011 and be ready for an April 2013 opening.

"Halton Hills is one of the fastest growing communities in Canada and the GTA, allowing our retailer partners access to the 5th largest retail market in North America," said Steven Tanger, President and CEO of Tanger Outlets. "Given our investment leadership and successful track record in Canada's largest urban markets, we are confident that opening our first Tanger Outlet Center in the GTA market of Halton Hills will create a shopping destination with unparalleled reach and popularity," added Edward Sonshine, President and CEO of RioCan.

The concept, design and merchandising of the Halton Hills centre will be similar to those within the highly successful Tanger portfolio of outlet centres in the U.S. Halton Hills is located in the northwestern section of the GTA and benefits from its proximity to Mississauga and Brampton, as well as having good access to metro Toronto. When fully complete, the project will be home to approximately 350,000 square feet of branded factory outlet retailers from the U.S. and Canada, offering consumers a unique opportunity to purchase merchandise directly from leading designer and brand name manufacturers at a substantial savings.

"In the U.S., the Tanger Outlets brand and shopping experience has generated strong followership and credibility with retailers and consumers. We believe we can duplicate the same loyalty and confidence here in Halton Hills and across Canada," said Tony Grossi, Senior Managing Director of the joint venture. The site is presently zoned to allow retail uses. "We look forward to working with the Town of Halton Hills to make this project a key regional retail landmark," added Grossi.

It is the intention of the joint venture to develop as many as 10 to 15 outlet centres in larger urban markets and tourist areas across Canada, over a five to seven year period.

Steve Tanger to Present at Citi's 2011 Global Property CEO Conference

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced today that Steven B. Tanger, President and Chief Executive Officer, will participate in the Citi 2011 Property CEO Conference being held March 13, 2011 through March 16, 2011. The Company's presentation is scheduled for 3:35 PM EDT on Monday, March 14, 2011, and may be accessed live via conference call by dialing 877-211-0500 – Passcode: 2038645. A replay will not be available.

Date: Monday, March 14, 2011 Time: 3:35 PM EDT  Dial In: 877-211-0500  Passcode: 2038645 

Tanger Announces Expansion of Its Board of Directors

Company Release - 03/03/2011 08:30

GREENSBORO, N.C., March 3, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced today that its Board of Directors has approved an expansion of its board from seven to eight members and has elected Donald G. Drapkin as a member of Tanger's Board of Directors.

Mr. Drapkin is the Founder and Chairman of Casablanca Capital LLC and has been a principal of the Casablanca Special Opportunities Fund I, LLC and a member of the management committee since 2010.

From 2007 until 2010, he was Vice Chairman of Lazard International, a global advisory investment bank, and Chairman of Lazard's Investment Committee. Mr. Drapkin was Vice Chairman of MacAndrews & Forbes Holdings Inc., a holding company with interests in a diversified portfolio of high growth public and private companies with strong market positions, and a number of its affiliates from 1987 to 2007. Previously a partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, one of the most preeminent, successful and highest grossing law firms in the world, Mr. Drapkin is also a member of the American Bar Association and the New York City Bar Association.

"We are pleased to welcome Mr. Drapkin to our Board of Directors. His demonstrated knowledge of highly sophisticated securities transactions, garnered over his over 30 plus years of collective executive, management and legal knowledge, will benefit Tanger's Board greatly," said Jack Africk, Interim Non-Executive Chairman of the Board.

Steven B. Tanger, President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc., added, "Mr. Drapkin's expertise in steering, building and growing high value branded entities,  will add great value and perspective to our board as we continue to pursue growth opportunities for Tanger Outlet Centers."

Currently residing in Englewood, New Jersey, Mr. Drapkin serves on the Board of Directors of Brandeis University, Lincoln Center Theater, The Federal Law Enforcement Foundation, Inc. and he is a member of the Dean's Council of Columbia Law School.

Mr. Drapkin holds a B.A. from Brandeis University (1968) and an LL.B. from the Columbia University School of Law (1971).            

Tanger reports year end results for 2010

Company Release - 02/22/2011 16:15

Tenant Sales Increase 6.6% for the Year

Same Center NOI Increases 3.7% in the Fourth Quarter

GREENSBORO, N.C., Feb. 22, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc.(NYSE:SKT) reported its financial results for the quarter and year ended December 31, 2010.

Steven B. Tanger, President and Chief Executive Officer, commented, "2010 was highly productive and successful for our company, and our retail tenants. We expanded our portfolio with the November opening of our newest center in Mebane, North Carolina, achieving record opening traffic and sales. Our balance sheet was the beneficiary of an over-subscribed $300 million senior notes transaction in June and $400 million in unsecured revolving lines of credit in December. Our dividend continues to be well covered by our operating cash flow."

National Portfolio Continues to Drive Operating Results

During 2010, Tanger executed 416 leases, totaling 1,649,000 square feet relating to its existing, wholly-owned properties. For the year, 1,217,000 square feet of renewals generated a 9.2% increase in average base rental rates, and represented 83.4% of the square feet originally scheduled to expire during 2010. Average base rental rates on re-tenanted space during the year increased 25.9% and accounted for the remaining 432,000 square feet.

Tanger continues to derive its rental income from a diverse group of national brand name manufacturers and retailers with no single tenant accounting for more than 8.4% of its gross leasable area and 6.6% of its total base and percentage rentals.

Same center net operating income increased 3.7% for the fourth quarter and 2.6% for the year ended December 31, 2010 compared to the same periods in 2009. This follows same center annual net operating income increases of 1.4% in 2009, 4.1% in 2008, 5.3% in 2007, 3.1% in 2006, and 3.8% in 2005.

Tanger's broad geographic representation and established brand name within the factory outlet industry continues to generate solid operating results. The company's portfolio of properties had a year-end occupancy rate of 98.4%, compared to 96.0% for the same period in 2009. This represents the 30th consecutive year since the company commenced operations in 1981 that it has achieved a year-end portfolio occupancy rate at or above 95%. 


Reported tenant comparable sales for the company's wholly owned properties for the rolling twelve months ended December 31, 2010 increased 6.6% to $354 per square foot. Reported tenant comparable sales for the three months ended December 31, 2010 increased 5.9%. Tanger's average tenant occupancy cost as a percentage of average sales was 8.3% for 2010 compared to 8.5% in 2009, 8.2% in 2008, 7.7% in 2007, 7.4% in 2006 and 7.5% in 2005.
  
Investment Activities Provide Potential Future Growth

On November 5, 2010, Tanger opened its newest center in Mebane, North Carolina located on Interstate 85/40 between the Triad and Triangle, just in time for the 2010 holiday season. This 319,000 square foot center opened, 100% occupied, to record breaking crowds.

Just a few of the 80 brand name and designer outlet stores found at the new Mebane center are Banana Republic, BCBG/Girls, Carters, Coach Factory, J. Crew, Gap Outlet, Nike Factory Store, Polo Factory Stores, QVC, Saks Fifth Avenue OFF 5th, and Tommy Hilfiger.

The redevelopment of the company's Hilton Head I center in Bluffton, South Carolina is projected to open on March 31, 2011, with grand re-opening activities planned for the weekend of April 1-3, 2011. Currently, this center has leases signed or out for signature on 91.5% of the leasable square feet. When completed, the new 176,000 square foot center, with an additional four outparcel pads, will be the first LEED certified green shopping center in Beaufort County. The company's other property on Highway 278, Hilton Head II, remains open during the construction and redevelopment of Hilton Head I.

On January 17, 2011, Tanger announced the identification of three projects where it is planning to build outlet shopping centers. Located in League City (Houston), Texas and Scottsdale and West Phoenix, Arizona, the projects are currently in the predevelopment phase. When Tanger achieves the minimum pre-leasing Phase I thresholds of at least 50%, it is anticipated that ground breaking ceremonies will take place shortly thereafter. Grand opening activities for the projects will take place about a year after the start of construction.

On January 24, 2011, Tanger announced that it has entered into a letter of intent with RioCan Real Estate Investment Trust ("RioCan"), to form an exclusive joint venture for the acquisition, development and leasing of sites across Canada that are suitable for development or redevelopment as outlet shopping centers similar in concept and design to our existing Tanger U.S. portfolio. RioCan is Canada's largest REIT exclusively focused on retail real estate. Any projects developed will be co-owned on a 50/50 basis and will be branded Tanger Outlet Centers. To meet Tanger's top retail partners' demand for growth in the Canadian market, the joint venture intends to develop as many as 10 to 15 outlet centers in large urban markets and tourist areas across Canada over a five to seven year period. The overall investment of the joint venture is anticipated to be as high as $1 billion, assuming a fully built out basis with parameters similar to Tanger's existing U.S. portfolio.

FOR THE COMPLETE REPORT FOLLOW THIS LINK


Steve Tanger on Mad Money

Tanger Outlet in South Carolina no longer under water.

Project Manager Carl Close points out the impact resistant storefronts at the Tanger Outlet Hilton Head 1.(Steve Bisson/Savannah Morning News)


Project engineer Jon Rembold of Ward Edwards pointed out state-of-the art stormwater management efforts that include paving that allows water to drain through and underground run-off retention.

"There's actually less runoff than if the site was covered with trees," Rembold said.

Stormwater runoff from the 25-acre site was one of the permitting issues when Tanger Factory Outlets Inc. decided to redevelop the property it acquired in December 2003.

The outlet mall on U.S. 278 about 13 miles from Exit 8 on Interstate 95 was built in 1987, before water quality in the surrounding estuaries became an issue and before Beaufort County even had a related ordinance.



Runoff from the mall had been redirected north under U.S. 278 into the Okatie River.

Now, runoff will be kept on site and allowed to percolate into the groundwater or be reused for irrigation.

Tanger Outlet Center 1 also will be the first LEED-certified shopping mall in South Carolina. LEED (Leadership in Energy & Environmental Design) is an environmentally-friendly building certification system developed by the U.S. Green Building Council.

Close said 100 percent of the concrete, steel and asphalt from the old Tanger mall was recycled.
"We recycled everything we possibly could," he said.

Building designs and materials emphasize energy efficiency, he said, and 79 trees from the old landscape were dug up and reused in the new layout or transplanted elsewhere.

Moving back

Close said he had to move 34 tenants out of the old 185,000-square-foot mall in December 2009 and some were reluctant to go.

"I had to give them a nudge," he said.

But the 25-year-old development had reached its life expectancy, said LaDonna Shamlou, general manager of the Tanger 1 and Tanger 2 centers between Bluffton and Hilton Head Island. She said the company invested about $50 million in the redevelopment.

"We pretty much leveled it and started all over," Shamlou said.

The new shopping center will be 177,000 square feet.

"It's a slightly smaller footprint" because more highway setbacks were required and part of the property was donated to Beaufort County for construction of the Bluffton Parkway, which will improve access to the site, Close said.

"The efficiency of the layout is much better," he said.

Shamlou said the new space is "92 percent leased" with "an exceptional lineup" of tenants.

Some are mainstays such as Brooks Brothers and J. Crew. Others, such as Talbot's and Under Armour, will be new to Tanger 1.

"Our brands are aspirational," said Mona Walsh, Tanger assistant vice president for corporate communications. "What we're offering is value."

Shop all day

Tanger outlet centers offer shopping as entertainment, Walsh said. "The difference in a full-price mall and an off-price mall is that we get people who shop for the whole day," she said. "They shop in groups." The typical shoppers are women who enjoy "the thrill of the hunt," Walsh said. "Women love to brag about the $200 shoes they got for $75," she said.

Tanger's strategy is to locate outlet centers at major travel intersections or near other destinations such as Myrtle Beach or Hilton Head, Walsh said.

"We're always looking for a convergence of population," she said.

"We are in areas where Americans take their vacations," she said. "Eventually, we become part of the attraction."

Tanger 1 at a glance

Location: 1270 Fording Island Road (U.S. 278), 13 miles from Exit 8 on Interstate 95
Size: 177,000 square feet
Stores: Bare Escentuals, Brooks Brothers Factory Store, Chico's, Children's Place, Donna Karan, Hugo boss, J. Crew, Jockey, Jones New York, Kay Jewelers, Kenneth Cole, Lane Bryant, Le Gourmet Chef, Levi's Outlet, New Balance, Nine West Outlet, Polo Ralph Lauren Factory Store, Saks Fifth Avenue OFF 5th, Sunglass Hut, Talbot's, Theory, Tommy Hilfiger Company Store, Under Armour, White House/Black Market.
Restaurants: Longhorn Steakhouse, Olive Garden, Panera Bread.
Economic impact: More than 350 full- and part-time jobs in retail management and sales; an estimated $1.8 million in annual sales tax revenue generated; an estimated $163,000 in annual property tax revenue generated; an estimated 1.7 million shoppers annually.
 
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