Stephen Yalof

"Gen Z don't see channels... sometimes the outlet store is the best mall in their neighborhood." Brands like Coach are seeing younger consumers flock to physical outlet locations. Physical retail (specifically open-air outlets) is experiencing a renaissance driven by younger demographics and the "treasure hunt" experience that online shopping cannot replicate. High occupancy and brand investment validate the asset class. LONG SKT (Tanger). A consumer recession curbing discretionary spending on apparel.