Core Insights - U.S. shoppers are willing to spend during the holiday season, driven by attractive deals despite declining consumer confidence and price anxiety [1][2] - Retailers are heavily discounting to attract consumers, resulting in sustained traffic and sales at Tanger's outlet centers [1][2] - Holiday traffic at Tanger's outlets has been strong, with full parking lots and consistent activity noted through November and December [2] Retail Spending Trends - U.S. retail spending increased by 4.2% year over year during the holiday season before adjusting for inflation, with in-store shopping accounting for 73% of total spending [3] - Online sales also contributed to growth, rising by 7.8% compared to the previous year [3] Consumer Confidence - Consumer confidence weakened in December, with the Conference Board's index dropping to 89.1, reflecting concerns over high prices and tariffs [4] - A recent survey indicated that 41% of Americans planned to spend less this holiday season, an increase of 6 percentage points from the previous year [5] Retailer Sentiment - Retailers express confidence in demand for 2026, indicating a positive outlook despite current consumer sentiment [5] - There is a trend among brands to control their own physical retail presence as department stores consolidate [6]

Core Insights - The retail sector is experiencing brisk demand, with Tanganger reporting record leasing volume, indicating strong interest in retail space [1] - There is a bifurcated economy, with some consumers facing challenges, yet many brands continue to expand and seek new locations [2] - Retailers are primarily focused on a one-year outlook for traffic and sales, with ongoing deals for future years [3][4] Consumer Behavior - Value has become increasingly important for consumers, especially in the outlet channel, where everyday sales resonate well with shoppers [5] - Younger consumers are being attracted to brands that offer products priced below inflation, enhancing their appeal [6] Retail Forecast - Key metrics for forecasting the holiday season include stock levels and staffing in stores, with current observations showing stores are well-stocked and staffed [7][8] - Despite potential economic challenges, there is optimism for continued consumer spending, with the National Retail Federation projecting an increase in spending compared to last year [9]

Core Insights - Tanger reported strong third-quarter performance, leading to an increase in guidance for 2025, driven by sales momentum, recent property acquisitions, and a diversified tenant mix [1][6] - The company is optimistic about the holiday outlook, indicating robust tenant demand and record leasing volume [2][5] Financial Performance - For the third quarter ended September 30, net income available to common shareholders was $31.8 million, or 28 cents per share, compared to $24.6 million, or 22 cents per share, in the prior year [2] - Funds from operations (FFO) available to common shareholders was $71.1 million, or 60 cents per share, up from $62.7 million, or 54 cents per share, in the prior year [3] - Tanger raised its guidance for diluted FFO per share to $2.28 to $2.32, from a previous forecast of $2.24 to $2.31 [3] Operational Highlights - Occupancy rate was 97.4% as of September 30, 2025, compared to 96.6% on June 30, 2025, and 97.4% on September 30, 2024 [10] - Average tenant sales per square foot increased to $475 for the 12 months ended September 30, 2025, compared to $465 for the 12 months ended June 30, 2025, and $438 for the 12 months ended September 30, 2024 [11] Strategic Initiatives - The company launched everyday Black Friday sales on November 1, promoting them through various channels to drive early customer engagement [4] - Tanger remains active in the acquisitions market, having added three lifestyle centers and three outlet centers in the past couple of years [6][7] - The acquisition of Legends Outlets for $130 million was completed, with expectations of an 8% return in the first year [8][9]