Tanger Expands Its Reach with The Promenade at Chenal
Tanger (NYSE: SKT), a prominent owner and operator of outlet and open-air shopping destinations, has proudly announced its acquisition of The Promenade at Chenal. This upscale, open-air lifestyle shopping center spans 270,000 square feet and is situated in Little Rock, one of the most bustling markets in the Sunbelt region.
A Strategic Addition to Tanger’s Portfolio
With this acquisition, Tanger marks its first entry into Arkansas and solidifies its position in the open-air lifestyle center segment, previously expanded by the acquisition of the Bridge Street Town Centre in Huntsville, Alabama. Stephen Yalof, the President and CEO of Tanger, expressed excitement over the new addition, stating, “The Promenade at Chenal is an attractive, market-dominant lifestyle destination that strengthens our portfolio.”
Investment Details and Expected Returns
Tanger acquired The Promenade at Chenal for approximately $73 million, utilizing cash reserves and available liquidity. Management projects an impressive eight percent return from the center in its first year, with possibilities for additional growth as the market develops.
Diverse Offerings at The Promenade
The Promenade at Chenal is renowned as a premier shopping, dining, and entertainment destination. It boasts a fantastic range of national brands such as Lululemon, Sephora, and Athleta, alongside exclusive stores like Apple, Anthropologie, and Urban Outfitters, enhancing the shopping experience.
Local and Regional Retail Success
In addition to national brands, The Promenade features popular local retailers, providing both elevated dining options and casual eateries. Visitors to the center can also enjoy the state-of-the-art AMC IMAX Theatre, which adds a touch of entertainment to the shopping experience.
The Economic Impact of The Promenade
The acquisition is timely as Little Rock continues to thrive, attracting significant corporate presence from companies like Dillard's and L’Oréal. The Promenade is strategically located within a master-planned community in the Chenal Valley neighborhood, an area that has seen continuous development and is designed to create a vibrant live-work-play environment.
The Future of Tanger’s Retail Experience
As Tanger expands its footprint, the company is determined to leverage its strengths in leasing, operations, and marketing to promote The Promenade as Arkansas's top shopping experience. The addition of exciting new brands and restaurants will contribute to a diverse shopping landscape that meets the evolving preferences of consumers.
About Tanger
Tanger Inc (NYSE: SKT) has over 43 years of expertise in operating outlet and open-air shopping destinations. With a portfolio that includes 38 outlet centers and lifestyle centers, Tanger manages over 15 million square feet of retail space across 21 U.S. states and Canada. This established REIT consistently enhances the retail experience, hosting more than 3,000 stores from over 700 different brand companies.
For any inquiries or further information on Tanger, you can reach them directly. The Company also encourages stakeholders to explore their various channels of communication and social media for the latest updates.
Frequently Asked Questions
What is The Promenade at Chenal?
The Promenade at Chenal is a 270,000-square-foot open-air lifestyle center in Little Rock that features a mix of upscale brands and dining options.
What is the significance of Tanger's acquisition?
This acquisition marks Tanger's first location in Arkansas, expanding their reach into new markets and enhancing their lifestyle center portfolio.
How much did Tanger pay for The Promenade at Chenal?
Tanger acquired The Promenade at Chenal for approximately $73 million, funded by cash on hand and available liquidity.
What types of stores will be at The Promenade?
The Promenade will feature popular national brands, exclusive local retailers, and restaurants, creating a diverse shopping experience.
How does Tanger plan to integrate this new center?
Tanger will utilize its extensive experience in leasing, operations, and marketing to make The Promenade a premier shopping destination in Arkansas.
