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Tanger Raises Criteria, Slows Growth

GREENSBORO, NC-The factory-outlet owner's capital expenditures have dropped dramatically as it pulls back.

By Debra Hazel | Updated on July 30, 2009

GREENSBORO, NC-With the economy still uncertain, Tanger Factory Outlet Centers has raised its threshold for new development, with the result that new projects are on hold, executives said at the company’s second quarter conference call.

Previously, centers that were 50% leased, negotiated or with LOIs were given the go-ahead. The developer has now raised that minimum to 75%, said Steven Tanger, CEO. A previously announced project in Mebane, NC, has not hit that mark.

“I’ve taken a much more conservative outlook, and I want to make sure that we will be at least 75% occupied,” at opening, he said.

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