High Cotton Tanger
Tanger Outlets’ Chief Executive Officer, Steven Tanger, characterizes his firm as, “a testament to the American entrepreneurial spirit. Founded by his father, Stanley, in 1981, the company opened shop with the country’s first outlet shopping center in Burlington, North Carolina. Tanger reminisced, “At that time, our long range plan was to make it to Saturday. By 1992, we grew the company to 13 outlet centers. In 1993, we launched our IPO and became the first outlet developer to be listed on the New York Stock Exchange (NYSE:SKT) as a publicly traded Real Estate Investment Trust (REIT). Tanger’s bold move opened new avenues of financing for the entire outlet center industry. At that time our enterprise value was $200 million. Today that number has grown to $5 billion.” We caught up with him after the opening of the latest Tanger Outlets mall in Pooler, Georgia, to find out what makes this CEO tick.
On His Motivation
“Having watched Tanger Outlets grow from a four-person business, I take great pride in the company that bears my family name. We grew this company out of a motivation to provide customers with a consistent first-class shopping experience offering a true value to the consumer. Today we employ over 600 Tanger employees who share our belief in the highest level of customer service, community and engagement. Their hard work and enthusiasm for this shared belief is what motivates me each day.”
On Motivating Others
“I believe in this company and I believe in the strength of our brand. Our mission is clear and straightforward – provide the highest level of service and value to our customers, be a thoughtful partner to our retail tenants, and provide a goal- oriented vision of the future to our stakeholders. I think this mission is one that is easily understood – in my role as CEO, I understand that it’s my job first and foremost to personify that mission. It’s a job I take very seriously. At Tanger, we like to promote from within and we make that known. When you become a part of the Tanger Team, we want you to reach all of your goals. I find that when people know that they have the support to excel, they do.”