Tanger (SKT) Citi’s 30th Annual Global Property CEO Conference 2025 summary

Company overview and growth strategy

• Operates 42 centers across the U.S., including 38 outlet centers, 3 open-air lifestyle centers, and 1 managed center, with over 3,000 stores from 700+ brand-name retailers.

• Market cap is just over $4 billion, enterprise value just under $6 billion, with a well-laddered, low-leverage, investment-grade balance sheet.

• Focused on driving both internal and external growth, leveraging a best-in-class operating, leasing, and marketing platform.

• Industry tailwinds include low supply and high tenant demand, supporting growth objectives.

• Recent expansion into lifestyle centers and diversification of tenant mix to include entertainment and restaurants.

Leasing, tenant mix, and remerchandising

• Actively manages tenant exposures, with a manageable watch list and specific strategies for legacy brands like Forever 21.

• Post-COVID, filled vacated space with a mix of outlet retailers and new uses, increasing customer dwell time and broadening appeal.

• Expanded relationships with both outlet and full-price retailers, including new access to brands like Apple and Sephora.

• Lifestyle centers attract new tenants and allow for cross-fertilization between outlet and non-outlet brands.

• Pop-up and temporary leasing strategies are used to test new brands and fill frictional vacancy, often leading to long-term leases.

Technology, loyalty, and marketing initiatives

• Enhanced social media presence and influencer partnerships drive organic marketing and brand exposure.

• Loyalty program enables customers to stack discounts, increasing value and capturing valuable customer data.

• Integration of generative AI to personalize offers and communications, with a shift toward text messaging for higher engagement.

• Retailers benefit from increased traffic and inventory turnover, with operational flexibility to adjust pricing and promotions.

• Marketing team and loyalty program provide a competitive edge, especially when acquiring non-outlet retail centers.