Revised Article:
Sephora increases presence at additional Tanger locations
Stepping up its game, shopping center operator Tanger is bringing five Sephora stores to its centers this year, each averaging approximately 5,000 square feet. These new beauty havens will pop up in Charleston, South Carolina; Deer Park, New York; National Harbor, Maryland; Palm Beach, Florida; and Phoenix.
To set the stage, Tanger already boasts a diverse portfolio, encompassing 38 outlet centers and an open-air lifestyle center across 20 U.S. states and Canada. But in recent times, the company's focus has shifted, aimed at catering to consumer demand. In fact, they recently renounced their "Factory Outlet Centers" title, opting instead for the simple "Tanger."
As Tanger's CEO Stephen Yalov explains, “Tanger is all about listening and adapting to our customers’ desires. Over the past few years, we've significantly broadened our portfolio to include top-notch dining, entertainment, direct-to-consumer brands, and full-priced retailers. A retail powerhouse like Sephora is a major key to our evolving strategy.”
By welcoming Sephora into the mix, Tanger aims to draw in a more discerning, upscale clientele seeking the brands they love. In Yalov's words, “As the largest prestige beauty retailer globally, Sephora will undoubtedly draw an aspirational customer base that's all about the brands they adore.”
Bank of America Global Research analysts, led by Jeffrey Spector, backed Tanger's prowess, praising the company's "ability to execute on growth opportunities, asset improvements, and densification efforts, upgrading its tenant mix, and showcasing a strong balance sheet with minimal refinancing risk." Although they did caution that Tanger's transformation will take time and resources.
But rest assured, Tanger isn’t just embracing change, they’re embracing the future—a future that's all about attracting a newer, younger, and wealthier clientele while elevating the shopping experience to increase visit frequency, dwell time, and spending. Let the shopping sprees commence! 🛍️💃💄
- Tanger's decision to bring five Sephora stores to its centers signifies a shift in the company's focus, aiming to cater to a more discerning, upscale clientele.
- Sephora, as the largest prestige beauty retailer globally, will undoubtedly draw an aspirational customer base seeking the brands they adore at Tanger.
- Bank of America Global Research analysts praised Tanger's ability to execute on growth opportunities, asset improvements, and densification efforts, which includes upgrading its tenant mix.
- Stephen Yalov, Tanger's CEO, acknowledged the company's evolving strategy, stating that Tanger is all about listening and adapting to customers' desires.
- In addition to top-notch dining, entertainment, direct-to-consumer brands, and full-priced retailers, Tanger's portfolio now includes Sephora, a major key to their strategy.
- Recently, Tanger renounced its "Factory Outlet Centers" title, opting instead for the simple "Tanger," signifying the company's broader focus on lifestyle and business.
- The average size of the new Sephora stores at Tanger centers is approximately 5,000 square feet and will be located in Charleston, South Carolina; Deer Park, New York; National Harbor, Maryland; Palm Beach, Florida; and Phoenix.
