Monday, May 21, 2012

Tanger invests $3M to renovate Maryland outlet center

Katie Arcieri Reporter- The Business Journal
Greensboro-based Tanger Factory Outlet Centers Inc. is in the midst of a $3 million renovation project at an outlet center it owns in Ocean City, Md.

The company, which has rebranded the center as Tanger Outlets Ocean City, is now renovating the property with a new color palette, new gateway towers at the property’s entrance and landscaping throughout the property.

"This $3 million renovation has truly transformed the property,” Steve Tanger, company president and CEO, said in a statement. “This center will be the new destination to shop with merchandise that is on trend, in season, and at a savings of up to 30 percent to 70 percent off retail prices and we are very excited to join this vibrant community.”

Tanger (NYSE: SKT) purchased The Walk retail outlets in Atlantic City and the Ocean City Factory Outlets last year for $199.3 million.

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