Tanger Inc. facts for kids
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| Public company | |
| Traded as | NYSE: SKT S&P 600 component |
| Industry | Real estate investment trust |
| Founded | 1981 |
| Founder | Stanley Tanger |
| Headquarters | Greensboro, North Carolina |
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Key people
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- Steven B. Tanger - Chairman - Stephen Yalof - Chief Executive Officer |
| Products | Shopping centers |
| Revenue |  $442.6 million (2022) |
| $201.8 million (2022) |
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| Total assets |  $2.285 billion (2019) |
| Total equity | $456 million (2019) |
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Number of employees
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285 (2019) |
Tanger Inc. is a company that owns and manages many shopping centers. These centers are special because they have "outlet stores." Outlet stores sell products directly from brands, often at lower prices. Tanger's main office is in Greensboro, North Carolina. They have shopping centers in the United States and Canada.
As of November 2023, Tanger owns and manages 38 shopping centers. These centers cover a huge area, about 14 million square feet, and have more than 3,000 stores inside them.
Some of the biggest brands that have stores in Tanger's centers include Gap, Nike, Inc., H&M, and Ralph Lauren Corporation.
Some well-known Tanger shopping centers are Tanger Outlets The Walk, Tanger Outlets Southaven (Memphis), and Tanger Outlets Pittsburgh.
Contents
How Tanger Started and Grew
Early Days
The company was started in 1981 by a person named Stanley Tanger. He opened his very first outlet center in Burlington, North Carolina. It was called the Burlington Manufacturer's Outlet Center.
Becoming a Public Company
In May 1993, Tanger Inc. became a "public company." This means that people could buy shares of the company on the stock market. It was a big step for the company's growth.
New Leadership
In January 2009, Stanley Tanger's son, Steven B. Tanger, became the new president and CEO of the company. Steven Tanger is also the person the Steven Tanger Center for the Performing Arts is named after. Later that year, in September, Stanley K. Tanger stepped down from his role as chairman. Stanley Tanger, the founder, passed away in October 2010 when he was 87 years old.
Expanding to New Places
Tanger Inc. has worked with other companies to build more outlet malls.
- In 2011, they teamed up with RioCan Real Estate Investment Trust to build outlet malls in Canada.
- In June 2011, they also worked with Simon Property Group to create a shopping center near Houston, Texas.
Buying and Selling Centers
Over the years, Tanger has bought and sold different shopping centers.
- In October 2015, they sold five of their shopping centers.
- In April 2019, they sold four more centers to other real estate groups.
- In October 2023, Tanger opened a brand new center in Nashville, Tennessee.
- In November 2023, Tanger bought Asheville Outlets in Asheville, North Carolina.
- In December 2023, they also bought Bridge Street Town Centre in Huntsville, Alabama.
