Name: Tanger CEO sees retail rebound
Uploaded: 2025-12-09T18:44:51.671Z
Duration: 7 min 2 s
Description: U.S. consumer sentiment just snapped a five-month slump, ticking higher right as holiday shopping kicks into overdrive. Tanger outlets are riding the wave, with shares rebounding into year-end and Black Friday crowds lining up out the door. Tanger CEO Stephen Yalof joined Bloomberg Open Interest with his take on the U.S. consumer.

U.S. consumer sentiment just snapped a five-month slump, ticking higher right as holiday shopping kicks into overdrive. Tanger outlets are riding the wave, with shares rebounding into year-end and Black Friday crowds lining up out the door. Tanger CEO Stephen Yalof joined Bloomberg Open Interest with his take on the U.S. consumer.

Tanger CEO Stephen Yalof reported that Black Friday sales were higher than the previous year, attributing the increase to early and extended promotions that drew more shoppers to outlet centers. The company has shifted its strategy to focus on experiential shopping, offering events, enhanced dining, and entertainment to attract families and encourage longer visits.

Yalof noted a rise in younger shoppers, with popular brands like Lululemon and Gap helping to drive traffic. The CEO also highlighted that more high-quality brands, including new categories like Sephora, are entering the outlet space. Tanger's stock has significantly outperformed industry benchmarks over the past five years, supported by ongoing acquisitions and strong marketing capabilities.

Tanger CEO sees retail rebound

Let's talk a little bit a bit about Black Friday how it went. I mean there's always a lot of people. I imagine that's when you go shopping. But was it better than last year. It was. It was for the retailers. And I think it was for the shoppers too because there was a lot of great sales this year. And that's what that's what's bringing the shoppers in. You know Black Friday is really that's an outlet. That's a value shopper holiday. And that's why you know our sweet spot. We're in the outlet space. And that's why the customers seek us out for holidays like that. And it's not a Black Friday. It's like a black week. A black month. Everyone loves to say it gets longer every year. But it genuinely is. The deals are starting so much sooner. Does that say something about the state of retailers and the desire to sell discounted goods or is something else at play behind. Every day is Black Friday. That's right. So that was our promotion this year starting November 1st. Every day is Black Friday. And you know I don't think it's it's really momentum builder. It's about building energy. It's about getting the consumer inside of your shopping center. Maybe one of their visits is a window shop. The next visit they're actually going to go and buy. It's not because one one interpretation of this could be that the consumer is so weak the only way you can get them to buy stuff is if things are discounted. So why not start this earlier. It's not that is what you're saying. Well you know I would think in our in our space things are on sale every day. I just think you're not going to stand out online in the cold waiting for your favorite store to open up unless you're getting some kind of door buster prize two for one buy one get one free kind of programming. And that's really what Black Friday is evolved into. And that's what it's become. And you know I said this before to you. But unless you're on sale during Black Friday you're not going to do the business. And by the way I've heard recently economists talk about Tanger as representative of a trend to move towards experiential shopping. Right. I've got two little kids now. I'm not going to the outlet mall unless there's something for them to do as well. What are you guys doing to get people in. Yeah. I mean that's really been a big push for us from a strategic point of view. You know the outlet shopping of 20 years ago is completely evolved. It used to be you know hit your favorite stores get back in your car and go someplace for lunch. And you know what we're finding is not only is our customer traveling to come to our centers but they're also coming from a far more local. We're getting seeing a lot more local customers. So we're doing a lot of local programming. Our tree lightings this year were unbelievable. In fact they were the best attended that we've had in the history of our company. I think a lot of that has to do with the fact that they're the customers moving to a lot of these geographies where our centers are positioned. But we're also doing a lot more to keep them there longer. Better restaurants better food and beverage better entertainment. You know we program these centers and bring things like high school battle of the marching bands which is a super cool event. You know if you think about it you get three three high school marching bands on site and they bring their kids they bring their sisters they bring their grandparents they bring their families. That's a lot of people on site to watch these these bands play. And you know to me I think that that's part of the pageantry and part of the celebration of the holiday season. These are things that we like to do and we're doing across our portfolio. In the latest University of Michigan consumer sentiment survey one of the interesting things was that the uptick was being led by millennials and Jed's ears. How are you seeing the younger generations their behavior at the Tanger outlets versus you know older generations. We're seeing a lot of younger shoppers and they shop together which is really exciting. But you know if we don't have the brands the younger consumer wants we're not going to be able to hold their attention very long and we're certainly not going to get them back. So our leasing team has done an amazing job of bringing in these brands that they're looking for. You know brands like Lululemon American Eagle which is cool anymore. I thought it's all the ori and aloe and whatever. Trust me. Lululemon is still very cool. And when you can get it at 30 and 40 percent off it becomes even cooler. And you know Gap Gap is really cool again. You know I think Richard Dixon's done an unbelievable job with Zach Posen to make that brand really cool. The customers are seeking it out. And in our venues it's available to them every day at a value price. So how are you doing in terms of getting new clients in your in your locations and also getting you know existing clients to sign up again to resign. Sure. So when you say clients you're talking about the retailers. Yes. You know what's unique in the outlet business here. We have both a shopper. That's our client and we also have the. I'm talking about Richard Dixon. OK. Great. Great question. Well you know it's interesting. The outlet pitch is such a great one. You know first of all there's a lot of brands that have full price businesses. They have excess inventory much like a Lululemon. And they're looking for a place to get rid of that excess inventory for them to turn that excess inventory into cash. And they want to do it in a place where they can protect their product. They can protect the positioning of that product. And they want to do it in a lifestyle environment so that everything in the store is pretty much on brand and their product. So for us that's an easy part of the sell. But the other side of that sell is simple. It's brands want to get in front of a consumer that they may not get in any other retail venue. So there's a customer that just isn't shopping full price and their first introduction to the product is through the outlet channel. Well then it's up to that brand to own that customer trade them up through their ecosystem and get them into their fuller price product. And we see a lot of brands doing that. And you are again capturing on this trend that we've seen within earnings that all of the discount retailers have done way better than ones that are not discount retailers. Given that and given that dynamic are you seeing brands maybe look at you as more of a core strategy than a secondary strategy. Is there attitude around outlets shifting. Well if you take a look at the quality of brands that are coming into the outlet centers then you would say yes. And in fact there are some brands that are coming into outlets in categories that are new to outlets like Sephora is a really good example of a brand that's never been in the outlets before. Now they might not be every product on sale every day but they do have a promotional cadence in the stores. But more importantly I think they see the traffic that's coming to the outlets. They see the customer that we're bringing and they want to get their products out in front of that customer. I'm just looking at your stock. The chart is incredible versus the Bloomberg reads or Bloomberg mall. You've outperformed all of them and obviously you've trounced the S&P as well. Can you continue this kind of performance going forward because it's been you're up 250 percent over the last five years. Well I think that they're still upside in our portfolio. We're a growth company. We continue to buy new shopping centers. We continue to remerchandise those shopping centers. I think you know outlet especially is a specialty. You know there's a lot of barriers to entry to get into the outlet business particularly on the marketing side because it's it's really important for us as a company that we have a great marketing machine. A lot of brands are going to go and use their marketing capital to tell you to come to their full price business. It's our job to get the customers to come into their off price business. So it's incumbent on us. And I think that that muscle that we've built that's transferable not only from outlet but into that full price business. We've we've now since bought a handful of full price centers. I think that that's something that gives us an advantage as operators and owners of shopping centers.

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