Tuesday, January 18, 2011

Tanger's Outlet Center Development Strategy

Tanger Scottsdale
Company Release - 01/17/2011 08:30

Plans to Build in League City, TX; Scottsdale, AZ; and West Phoenix, AZ

GREENSBORO, N.C., Jan. 17, 2011 (GLOBE NEWSWIRE) -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) today announced the identification of three projects where the company is planning to build outlet shopping centers. All three projects are currently in the predevelopment phase. When Tanger achieves the minimum pre-leasing Phase I thresholds of at least 50%, it is anticipated that ground breaking ceremonies will take place in late 2011. The Grand Opening of these projects will take place about a year after the start of construction.
Tanger Phoenix

"In 2010 we identified 17 markets we believed were underserved or not served at all by the outlet industry," stated Steven B. Tanger, President and Chief Executive Officer for Tanger Factory Outlet Centers, Inc. "From that research, we honed in on Arizona and Texas. These two states offer the perfect combination of excellent sites on heavily traveled interstates, found in areas where consumers and tourists currently do not have any outlet centers in which to shop. We are very excited to begin creating three new outlet shopping attractions in the League City (Houston), West Phoenix and Scottsdale areas."
Tanger Houston

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