Tanger Expands Partnership with Sephora
Tanger (NYSE: SKT) has announced its expanded partnership with Sephora, adding five new stores in its shopping centers by the end of the year. These stores will be located in Charleston, S.C.; Deer Park, N.Y.; National Harbor, Md.; Palm Beach, Fla.; and Phoenix/Glendale, Ariz., each averaging 5,000 square feet. This expansion aligns with Tanger's strategy to diversify its portfolio beyond apparel and footwear, enhancing its beauty and wellness offerings to attract younger and more affluent shoppers. Tanger has leased nearly 200,000 square feet of new brands since January 2023, aiming to evolve its centers into multifaceted destinations.
- Tanger is adding five new Sephora stores, indicating growth in its beauty and wellness category.
- Each new Sephora store will average 5,000 square feet, contributing to significant retail space expansion.
- The expansion aims to attract younger and more affluent shoppers, potentially increasing foot traffic and sales.
- Tanger has leased nearly 200,000 sq. ft. of new brands since January 2023, showcasing active portfolio diversification.
- The partnership with a leading brand like Sephora enhances Tanger's reputation as a premier retail destination.
- The costs associated with opening new stores and leasing new spaces could impact Tanger's short-term financials.
- Potential risks if the new Sephora stores do not perform as expected, potentially affecting overall revenue.
Prestige beauty brand will open five stores in Tanger shopping centers later this year, growing and elevating Tanger's beauty and wellness offerings
Sephora is the largest prestige beauty retailer in the world. The five new Sephora locations, each averaging approximately 5,000 square feet, will open later this year in Tanger's shopping centers in
Expanding beauty and wellness offerings is part of Tanger's overall strategy to diversify its portfolio with new brands and categories outside of apparel and footwear that enhance shoppers' experience, including home furnishings, food and beverage, and entertainment. Tanger has leased nearly 200,000 square feet of new-to-portfolio brands since January 2023, including other non-apparel, elevated, and digitally native brands, as the company seeks to attract younger and more affluent shoppers to join the more than 120 million guests who visit Tanger's centers annually.
"We continue to evolve our centers into true destinations by elevating and diversifying the overall brand and category mix across our portfolio, bringing in new, high demand categories and brands to attract the next generation of shoppers," said Stephen Yalof, President and Chief Executive Officer. "The expanded partnership with Sephora is an exciting step in Tanger's growth."
"As the category's leading prestige retail brand, Sephora will bring an elevated and aspirational beauty experience to our centers and enable us to offer our guests a comprehensive suite of price points and products in the beauty category," added Justin Stein, Executive Vice President of Leasing for Tanger. "We believe this will be a very successful partnership for both our companies as Sephora continues to expand its presence with Tanger."
For more information on where to find Sephora and other great new brands at Tanger shopping centers, please visit tanger.com.
About Tanger®
Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent managed center, and one open-air lifestyle center includes over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S. states and
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