Tanger CEO Stephen Yalof reports increased sales and traffic at outlet centers due to World Cup tourism.
Tanger CEO Stephen Yalof reported that the company saw a significant increase in traffic and sales at its outlet centers during the summer months of June and July. This growth was driven primarily by international and domestic tourism associated with the World Cup, which served as a magnet for new visitors. Yalof noted that the company saw a market share gain in its athletic brands and a5% increase in sales for the year. Many tourists sought a "real American experience," which included shopping for American brands like Polo and Nike at competitive prices. Yalof also attributed the other growth to a rise in domestic travel due to higher oil prices and the current geopolitical macroenvironment. The company reported strong second-quarter results, further bolstered by a strong movie business and box office performance, which encouraged customers to stay longer at the centers for dining and entertainment.