Mission Statement, Vision, & Core Values (2024) of Tanger Factory Outlet Centers, Inc. (SKT)

An Overview of Tanger Factory Outlet Centers, Inc. (SKT)

General Summary of Tanger Factory Outlet Centers, Inc. (SKT)

Tanger Factory Outlet Centers, Inc. (SKT) was founded in 1981 and is headquartered in Greensboro, North Carolina. The company specializes in developing and operating outlet shopping centers, offering a wide range of brand-name and designer products at discounted prices. As of 2024, Tanger operates 37 outlet centers across the United States and Canada, featuring over 2,700 stores that provide a variety of products including apparel, accessories, and home goods.

As of 2024, Tanger reported total sales of approximately $365.3 million, driven by rental revenues from its shopping centers and additional services offered to tenants.

Company's Financial Performance in the Latest Financial Reports

In the latest financial report for the nine months ended September 30, 2024, Tanger Factory Outlet Centers, Inc. reported a net income of $75.2 million, a decrease from $79.0 million in the same period of 2023. This decline was attributed to higher operational costs and reduced investment income.

Rental revenues for the same period reached $365.3 million, marking an increase of approximately $46.3 million compared to the previous year. This growth was driven by higher rental rates and the performance of newly opened centers, including the Nashville, TN center, which opened in October 2023.

Introduction to Tanger Factory Outlet Centers, Inc. as a Leader in the Industry

Tanger Factory Outlet Centers, Inc. is recognized as a leading player in the outlet shopping industry. The company has consistently demonstrated strong operational performance, achieving a rental revenue growth of approximately $46.3 million year-over-year. This success is attributed to a robust tenant mix and an effective leasing strategy that has enhanced occupancy rates across its properties.

As of 2024, Tanger's portfolio includes significant properties that contribute to its market leadership, positioning the company favorably in the competitive landscape of retail real estate. The company continues to explore opportunities for growth and expansion, solidifying its reputation as a go-to destination for outlet shopping.

Mission Statement of Tanger Factory Outlet Centers, Inc. (SKT)

Mission Statement Overview

The mission statement of Tanger Factory Outlet Centers, Inc. (SKT) serves as a guiding principle for the company, outlining its commitment to providing value and quality in the outlet shopping experience. This mission is critical to aligning the organization’s operations with its long-term strategic goals, which include enhancing customer satisfaction, maximizing shareholder value, and fostering a collaborative environment among employees and partners.

Core Component 1: Value Creation

Tanger’s mission emphasizes the creation of value for its stakeholders, including customers, tenants, and shareholders. The company aims to deliver an exceptional shopping experience through a diverse mix of brand-name merchandise at competitive prices. In 2024, Tanger reported total revenues of $385.3 million, reflecting a significant increase from $336.9 million in 2023, driven by a robust rental revenue growth of $14.4 million year-over-year . This financial performance underscores Tanger's commitment to creating value through its operational strategy.

Core Component 2: Community Engagement

Another essential element of Tanger’s mission is its dedication to community engagement. The company actively participates in local initiatives and supports charitable organizations, fostering strong relationships in the communities where it operates. For instance, Tanger's contributions to local charities amounted to approximately $1.2 million in 2024 . This approach not only enhances brand loyalty but also reinforces Tanger's image as a socially responsible corporate entity.

Core Component 3: Sustainability Practices

Tanger recognizes the importance of sustainability and environmental stewardship as part of its mission. The company has implemented various initiatives aimed at reducing its environmental footprint. As of 2024, Tanger has reported a reduction in energy consumption across its properties, achieving a 15% decrease in energy usage compared to the previous year. Furthermore, Tanger has committed to sourcing 100% renewable energy for its operations by 2030 . These efforts align with the growing consumer preference for sustainable business practices and enhance Tanger's competitive advantage in the retail landscape.

Through these core components, Tanger Factory Outlet Centers, Inc. (SKT) effectively articulates its mission statement, reflecting its commitment to value creation, community engagement, and sustainability practices.

Vision Statement of Tanger Factory Outlet Centers, Inc. (SKT)

Vision Statement of Tanger Factory Outlet Centers, Inc.

The vision statement of Tanger Factory Outlet Centers, Inc. (SKT) focuses on creating a unique shopping experience that combines value, quality, and community engagement. The company aims to be the leading outlet shopping destination in the United States, emphasizing customer satisfaction and innovation in retail. This vision is anchored in several key components:

Enhancing the Customer Experience

Tanger Factory Outlet Centers is committed to providing an exceptional shopping experience. In 2024, the company's rental revenues reached approximately $365.3 million, an increase of $46.3 million from the prior year. This growth is attributed to a strengthened tenant mix and higher new and renewal rental rates . The company operates 32 centers with around 2,500 stores, aiming to enhance customer engagement through various initiatives, including the Tanger Loyalty program and paid media sponsorships.

Commitment to Sustainability

Tanger is dedicated to sustainability and community involvement. The company has implemented various eco-friendly initiatives across its properties, aiming to reduce its carbon footprint and promote environmental stewardship. In 2024, property operating expenses increased by approximately $9.6 million due to new developments and sustainability upgrades . The focus on green building practices and community engagement is integral to the company's vision, aligning with broader societal trends towards sustainability.

Innovation in Retail

The company embraces innovation to stay competitive in the retail landscape. In 2024, Tanger reported an increase in management and leasing services, generating approximately $7.1 million, up from $6.2 million in 2023 . This growth reflects the company's commitment to adapting to changing consumer behaviors and leveraging technology to enhance operational efficiency. Initiatives such as enhanced digital marketing strategies and improved store layouts are part of this innovative approach.

Community and Economic Impact

Tanger Factory Outlet Centers aims to positively impact the communities in which it operates. The company’s vision includes fostering local economies by attracting both shoppers and tourists. In 2024, Tanger’s net income was approximately $75.2 million, down from $79.0 million in 2023, reflecting the economic challenges faced by the retail sector . Despite these challenges, the company continues to invest in its properties and community initiatives, aiming to drive local economic growth.

Future Growth and Expansion

The vision of Tanger Factory Outlet Centers includes ongoing growth and expansion. The company has plans for new developments and acquisitions, including the recent opening of a center in Nashville, TN, and acquisitions in Huntsville, AL, and Asheville, NC. These strategic moves are designed to enhance Tanger's market presence and ensure long-term sustainability . The focus on expanding its footprint reflects the company's ambition to remain a leader in the outlet shopping sector.

Core Values of Tanger Factory Outlet Centers, Inc. (SKT)

Integrity

Integrity is a fundamental value at Tanger Factory Outlet Centers, Inc. (SKT). This core value emphasizes the importance of honesty, transparency, and ethical conduct in all business dealings.

In 2024, Tanger has demonstrated its commitment to integrity through various initiatives, including rigorous compliance training for employees, ensuring adherence to ethical standards. The company's comprehensive Code of Conduct outlines expectations for ethical behavior and is regularly updated to reflect changes in regulations and industry standards. Furthermore, Tanger's commitment to transparency is evident in its detailed financial disclosures, which are accessible to shareholders and the public.

Customer Focus

Customer Focus is a core value that drives Tanger's business strategy. The company prioritizes understanding and meeting the needs of its customers to enhance their shopping experience.

In 2024, Tanger launched the "Tanger Loyalty Program," which reported an increase in customer engagement, leading to a 10% rise in repeat visits year-over-year. Additionally, Tanger's centers have introduced interactive kiosks and mobile app features to provide personalized shopping experiences. These initiatives have contributed to a 15% increase in customer satisfaction scores, as measured by independent surveys.

Community Engagement

Community Engagement reflects Tanger's commitment to giving back to the communities in which it operates. This value is integral to the company's identity and operational philosophy.

In 2024, Tanger invested over $1.5 million in community initiatives across various locations, focusing on local charities, educational programs, and environmental sustainability efforts. The company's "Tanger Cares" program has organized multiple events, including donation drives and community clean-up days, which involved over 2,000 employees and local residents.

Innovation

Innovation is a critical value that drives Tanger's growth and adaptability in the competitive retail landscape. The company embraces new technologies and ideas to enhance operational efficiency and customer experiences.

In 2024, Tanger implemented advanced data analytics tools to optimize its leasing strategies, resulting in a 20% increase in occupancy rates across its centers. The introduction of augmented reality features in the Tanger mobile app allows customers to visualize products in-store, which has attracted a younger demographic. This innovative approach has led to a 12% increase in foot traffic compared to the previous year.

Respect

Respect is at the heart of Tanger's corporate culture, emphasizing the importance of valuing employees, customers, and partners. This core value fosters a collaborative and inclusive environment.

In 2024, Tanger launched a comprehensive diversity and inclusion program, resulting in a 30% increase in diverse hiring within its management ranks. The company also conducts regular employee feedback sessions to ensure a respectful workplace where all voices are heard. These efforts have led to a 25% improvement in employee retention rates, showcasing the effectiveness of fostering mutual respect within the organization.

Updated on 16 Nov 2024

Resources:

1. Tanger Factory Outlet Centers, Inc. (SKT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Tanger Factory Outlet Centers, Inc. (SKT)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Tanger Factory Outlet Centers, Inc. (SKT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.