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 ce ...

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 centers 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 allo ...

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, and VF Corporation. 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 Southaven is an outlet mall in Southaven, Mississippi, just outside Memphis, Tennessee. The mall, located at the intersection of I-55/I-69 and Church Road, began construction in January 2015 and opened in November 2015. Tanger Outle ...

, Tanger Outlets Pittsburgh Tanger Outlets Foxwoods, Tanger Outlets Ottawa and Tanger Outlets Columbus.

History

In 1981,

Stanley Tanger Stanley K. Tanger (April 13, 1923 – October 23, 2010) was an American businessman, philanthropist and pioneer of the outlet shopping industry. Tanger founded Tanger Factory Outlet Centers, which began with a single location in Burlington, Nort ...

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 the ...

. In May 1993, the company incorporated as a real estate investment trust and became a

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 ( l ...

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. In October 2010, the founder died at age 87. In January 2011, the company announced a 50/50

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 acce ...

with RioCan Real Estate Investment Trust 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 Ind ...

to develop a shopping center south of Houston, Texas. 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