Tanger CEO Stephen Yalof: Gas prices are less of an issue when shoppers know they are getting value

Summary

Tanger CEO Stephen Yalof discusses strong consumer demand, record leasing volume, and raised guidance despite rising gas prices. He highlights a younger shopper base, value-driven traffic, and limited retail supply as key drivers.

• Tanger reported record leasing volume and raised its full-year guidance.
• CEO notes a much younger consumer (Gen Z) is driving traffic and dwell time.
• Gas price increases are less of a concern when shoppers perceive value at outlet centers.
• Brands like Coach, Gap, and Aerie are outperforming, but the focus is on brand strength over categories.
• Limited new retail supply is leading to brands competing for space in successful centers.
• The outlet portfolio benefits from localization efforts including restaurants and entertainment.
• Sephora, traditionally not an outlet player, is entering outlet centers to reach new customers.
• Tanger stock is up nearly 9% year-to-date despite a 2% decline on the day.