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OCTOBER
2002 Cover
Story
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Need
a Scorecard?
The 12-month period of Sept. 25, 2001 - Sept. 30, 2002, has been one of
the most active buying-and-selling chapters in outlet-development history.
Value Retail News takes a look at the huge acceleration of activity for
both gobbling up and spinning off projects, a trend that’s being
fueled by industry consolidation, high demand for outlet-center properties,
healthy returns and low interest rates.
Chelsea:
On a Roll
Chelsea Property Group acquired three-dozen outlet centers in the past
year, and sold five shopping centers. Tom Davis, president of the company,
says the outlet industry’s consolidation is healthy for the industry
in the long run.
By the
Numbers
An exclusive VRN chart details the outlet-center industry’s buying
spree, including the buyers, sellers and prices.
Tanger:
Consolidation Nears Completion
Most of the outlet industry’s much-touted consolidation is over,
says Stephen B. Tanger, president and COO of Tanger Factory Outlet Centers.
He sees acquisitions as just one part of his company’s four-prong
growth strategy.
Pending
Sales
At least eight outlet centers are expected to be sold by yearend. VRN
charts the deals in progress, which if consummated will represent transactions
totaling more than 2.5 million sf.
Prime
Retail: Debt Load Fuels Sell-off
A sell-off of its outlet centers has helped Prime Retail reduce its crushing
debt load. Glenn Reschke, CEO and chairman of the company, says even more
Prime outlet centers are on the block.
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Profile: Value Retail |
Retail News
Quiksilver buys its 26-store outlet chain from a licensee; Albertville,
Ala.-based Bible Factory Outlet moves into new facilities that will help
the company grow; and women’s apparel giant Liz Claiborne acquires
Ellen Tracy Inc., including the sportswear maker’s 15-unit outlet
store chain.