Mission Statement, Vision, & Core Values (2025) of Tanger Factory Outlet Centers, Inc.

An Overview of Tanger Factory Outlet Centers, Inc.

General Summary of Tanger Factory Outlet Centers, Inc.

Tanger Factory Outlet Centers, Inc., founded in 1981, is a leading owner and operator of outlet shopping centers across the United States and Canada. The company focuses on offering brand-name merchandise at discounted prices through its multiple retail partnerships. As of 2024, Tanger operates 37 outlet centers in 20 states, boasting a diverse range of retailers including apparel, footwear, housewares, and sporting goods.

In terms of sales performance, Tanger Factory Outlet Centers, Inc. reported a total sales figure of approximately $1.16 billion in 2023, with steady growth projected into 2024, primarily driven by an increase in foot traffic and the expansion of its retail partnerships.

Company's Financial Performance in the Latest Financial Reports

In the fourth quarter of 2023, Tanger reported a record-breaking revenue of $300 million, showcasing an increase of 9% year-over-year. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the same period was approximately $200 million, reflecting a strong operational efficiency.

Key financial metrics from the latest financial report include:

Tanger's growth was notably supported by a 15% increase in foot traffic, as well as successful marketing campaigns that attracted shoppers to its discount offerings. Furthermore, the company expanded into new markets in Florida and Texas, enhancing its footprint and potential customer base.

Introduction to Tanger as a Leader in the Industry

Tanger Factory Outlet Centers, Inc. has established itself as a leader in the outlet retail space. Its strategic location choices and strong brand partnerships have set it apart from competitors. The company consistently ranks among the top in customer satisfaction within the outlet segment, evidenced by their 4.5/5 customer rating on retail experience surveys.

Investors and analysts alike recognize Tanger's resilience and adaptability in an ever-changing retail landscape. The company's innovative approach, combined with a commitment to enhancing the shopping experience, positions it well for future growth. To understand more about Tanger's strategies and successes, further exploration of their operational tactics and market positioning is encouraged.

Mission Statement of Tanger Factory Outlet Centers, Inc.

Mission Statement Overview

Tanger Factory Outlet Centers, Inc. has a clear mission statement that emphasizes its commitment to providing exceptional shopping experiences through high-quality outlet centers. This mission serves as a strategic guide for the company’s operations and decision-making processes, ensuring alignment with its long-term goals.

Core Component 1: Commitment to Quality

The first core component of Tanger's mission is its commitment to quality. The company focuses on delivering premium products at affordable prices, which resonates with its target market of value-driven consumers.

In 2022, Tanger reported an average occupancy rate of 94.9% across its portfolio, reinforcing its ability to attract high-quality retailers. Furthermore, the company's $50 million investment in property upgrades demonstrates its dedication to maintaining high standards.

Core Component 2: Customer Experience

The second core component centers around enhancing customer experience. Tanger strives to create inviting and engaging shopping environments that exceed customer expectations.

According to a customer satisfaction survey conducted in early 2023, 85% of shoppers indicated they were satisfied with their overall shopping experience at Tanger outlets. This statistic highlights the effectiveness of Tanger’s strategies to improve customer engagement and satisfaction.

Core Component 3: Community Engagement

Lastly, Tanger’s mission emphasizes community engagement. The company believes in being a responsible corporate citizen, contributing to the communities in which it operates.

In 2024, Tanger committed to contributing $1 million to local charities and initiatives. This investment reflects its dedication to giving back and fostering community relationships.

Vision Statement of Tanger Factory Outlet Centers, Inc.

Vision Statement Overview

Tanger Factory Outlet Centers, Inc. has a clear vision to be the leading operator of outlet shopping centers in the United States and beyond. Living up to their commitment, they aim to enhance the shopping experience through innovation and excellent customer service.

Commitment to Quality

As part of their vision, Tanger emphasizes a commitment to quality in their shopping centers. This includes maintaining high standards in facility management and tenant selection. As of 2024, Tanger operates 38 shopping centers across the U.S. and Canada, representing a significant investment in quality.

In 2023, the occupancy rate of their centers was reported at 95%, reflecting their effective management strategies and strong demand for their retail space.

Innovative Shopping Experience

Tanger is dedicated to creating an innovative shopping experience that resonates with modern consumers. In 2023, they implemented a robust digital strategy, including a mobile app that increased engagement metrics by 25% over the previous year. The app features location-based services and exclusive discounts.

Additionally, Tanger's integration of experiential retail has led to a 30% increase in foot traffic in their flagship centers, indicating successful execution of their vision of blending shopping with entertainment.

Community Engagement

Tanger's vision includes a strong focus on community engagement. In 2023, they launched local partnerships that have generated over $1 million in charitable contributions through various initiatives. Their role in local economic development is evident, as they employ over 20,000 people across their locations.

Sustainability Initiatives

Aligning with global sustainability trends, Tanger is committed to reducing their environmental footprint. As of 2024, they aim to reduce energy consumption by 20% over the next five years. In 2023, they reported a 15% reduction in energy use across their shopping centers, driven by the installation of energy-efficient systems.

Moreover, Tanger has implemented recycling programs in all their centers, which diverted more than 5,000 tons of waste from landfills in 2023.

Financial Performance Metrics

Long-term Growth Prospects

Tanger is positioning itself for long-term growth through strategic acquisitions and development plans. In 2023, they announced plans to expand into 5 new markets by 2025, which will increase their total retail space by an estimated 1 million square feet.

The company's focus on enhancing brand partnerships is expected to drive sales growth, with an estimated 10% annual increase in tenant sales projected for the next three years.

Core Values of Tanger Factory Outlet Centers, Inc.

Integrity

The core value of integrity at Tanger Factory Outlet Centers, Inc. emphasizes honesty and ethical conduct in all business dealings. This value is vital for maintaining trust with tenants, customers, and investors.

In 2024, Tanger demonstrated its commitment to integrity through its transparency in financial reporting. For the fiscal year 2023, Tanger reported a net income of $94.3 million and maintained a transparent earnings call where executives detailed operational strategies and challenges. Additionally, the company has established strict compliance guidelines ensuring all employees adhere to ethical practices.

Customer Commitment

Tanger’s customer commitment reflects its dedication to providing an exceptional shopping experience. This value drives the company to innovate continually and respond to customer needs.

In 2023, Tanger launched a customer loyalty program which increased customer retention rates by 15%. The program also contributed to a 5% increase in average basket size among its repeat customers. Moreover, in 2024, the company enhanced its digital platforms, leading to a 30% increase in online engagement metrics.

Sustainability

Sustainability is at the forefront of Tanger’s operations, focusing on environmentally friendly practices in its properties and processes. This commitment is crucial in today's market where eco-consciousness is rising among consumers.

Tanger has invested $20 million in energy-saving technologies, resulting in a 20% reduction in energy costs across its properties over the past two years. The company is also committed to achieving LEED certification for its new developments, having successfully certified three outlet centers in 2023 alone.

Community Engagement

Tanger’s core value of community engagement underlines its connection with local communities and the importance of giving back.

In 2023, Tanger contributed over $1 million to various local charities and community programs. The company encourages employee volunteerism, leading to more than 5,000 volunteer hours logged by staff members in community service initiatives. This commitment enhances Tanger’s community reputation and strengthens customer loyalty.

Innovation

Innovation is the driving force that enables Tanger to adapt and thrive in the competitive retail landscape. This value promotes creativity and adaptability within the organization.

Tanger has invested approximately $10 million in technology upgrades, including mobile app enhancements and digital marketing strategies. In 2023, these efforts resulted in a 40% increase in app downloads and a significant uplift in customer engagement through digital promotions.