Wednesday, January 29, 2020

Tanger rides strong Q4 to remain stable in 2019

Chain Store Age
Tanger Outlets recaptured almost 200,000 sq. ft. of retail space at its centers in 2019 due to bankruptcies and brand-wide restructurings. But a strong fourth quarter lifted its portfolio-wide occupancy rate to 97%, slightly ahead of how it ended last year, according to the company’s quarterly and year-end earnings reports.

Average tenant sales productivity was $395 per sq. ft. last year, compared to $385 per sq. ft. at the conclusion of 2018, according to the report. Same center tenant sales across the Tanger portfolio increased 1.5% in the year ended Dec. 31. . . . more