Michael Bilerman, EVP, CFO, and CIO at Tanger (NYSE: SKT), sat down for a video interview at Nareit’s REITweek: 2024 Investor Conference, held in New York from June 3-6.
Bilerman highlighted that the post-COVID environment has accelerated the demand for open-air retail formats, driven by population growth in Tanger's asset locations.
"The demand for space is so strong [that] from an opportunity perspective, what we're finding is the amount of retailers and brands and different uses that are coming into that open-air format has grown pretty materially," Bilerman said, noting that the trend has led to increased rents and higher net operating income (NOI) growth for Tanger.
Bilerman also outlined Tanger's corporate growth strategy, which focuses on internal growth, intensifying existing real estate, and opportunistic external acquisitions. Last year, Tanger acquired two significant assets: an outlet center in Asheville, North Carolina; and Bridge Street Town Centre in Huntsville, Alabama.
Bilerman emphasized the importance of diversifying and elevating the retailers in Tanger's centers, mentioning recent additions such as Dave & Buster's and Shake Shack. He also announced a new partnership with Sephora, introducing five new stores to Tanger's outlet centers.
"We're looking at what the customer wants,” Bilerman said. “Our vision statement is to use the data and the customer insights to inform the future of shopping."