VRN - September 2015
The outlet center that McArthurGlen opened in Vancouver in July raised the bar and set new standards for how the industry connects with shoppers.
Warm welcome in Michigan
Steven B. Tanger describes the opening of Tanger Outlets Grand Rapids as one of the company’s best openings in 35 years.
A very good year
Six outlet centers have already opened this year, and by yearend, five more will open, as will two more expansions totaling 81,000 sf.
Planned Centers List
VRN shows 13 phase 1 projects scheduled to open in 2016, and another 26 phase 1 projects aiming for 2017 and 2018. Not to be forgotten are 11 conversion projects totaling 6.4 million sf.
Outlets have been a sweetspot for REITs as VRN listens in on calls with analysts and talks with investors: Tanger: retail is Darwinian; Simon’s occupancy treadmill; Macerich sees a limited pool; PREIT in Philly and Gloucester; Kimco’s hybrid strategy; CBL: it’s 5 percent of our revenue; Federal on the altered retail mindset.
Who are they?
Contributing Editor David Lobaugh explores comments from the VRN/August Partners outlet focus group to find the best way to connect with 18-to-34-year-olds.
What’s relevant to them?
Creating marketing that truly reaches the 18-to-34 age group is illusive because they fall into many sectors – there’s no such thing as one millennial mindset.
Expanding in Freeport
Freeport Village Station is in a growth mode with the acquisition of three adjacent buildings housing outlet tenants and an expansion in the works.
Pig N Whistle BBQ
For the 21st consecutive year, the outlet industry gathered once again in June to share BBQ and friendship.
News Up Front
Thirty tenants announced for Horizon Group’s Laredo project; 50-plus tenants join the major expansion at San Francisco Premium Outlets; Tanger pulls four centers off the market; Tanger/Simon announce 12 tenants for Columbus; details on this month’s VRN Fall Outlet Convention.
Back-to-school forecasts for 2015 are mixed; Ascena tweaks Justice and Dressbarn; feeling the pain, J.Crew expands its value strategy; Primark worries discounters.
Shoppers nix clicks for bricks; Nordstrom takes purchasing to the texting level; brand mavens are on the move; value gains experience; multiculturals with big buying power.
New teams and staff changes at AWENext, Macerich, Horizon Group Properties, Craig Realty Group and New England Development.