Value Retail News: April, 2009

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Value Retail News

APRIL 2009


Challenging Times
In this most unusual of times, VRN talked with several key outlet executives about the challenges their companies expect in the coming months, what they’re doing to face these travails.


Outlet Ownership Changes
The outlet sector has seen fewer sales and acquisitions recently – could that change in the coming months? This issue marks the first time since May 2007 that VRN has updated outlet- center ownership changes.

Freeport Village Station
Despite beginning development of a new outlet project on the eve of the economic downturn, Freeport Village Station is moving along quite nicely, thank you, toward its May opening across the street from the Maine town’s famous L.L. Bean store.

Outlet Neighborhood
A Hampton Inn opens in Gonzales, La., near the Tanger Outlet Center; a water park is slated in Draper, Utah, near the outlet center there; Santa Fe approves a new subdivision near Fashion Outlets Santa Fe; the proposal to build a $12 million Cambria Suites Hotel moves forward near Tanger’s new project in the Pittsburgh market; Forest City plans a 2.4 million-sf casino near Las Vegas Premium Outlets


News Up Front
Tanger Outlets 4th quarter and 2008 results show stability; ICSC adds “Reconnect Pavilion” to RECon to boost career opportunities for attendees; Phillips-Van Heusen says it will close 175 stores over the next two to three years; Chelsea reveals most of the new tenancy in its Camarillo expansion, scheduled to open in a few weeks; Horizon Group and Cousins Properties select a site near Atlanta to develop an outlet center.

DOC&R Column
DOC&R president David Ober says the outlet industry has been the most profitable division for many retailers and manufacturers for years, so it’s especially disappointing to see long-time outlet retailers being replaced by real-estate executives with little or no outlet experience.