Adds 35 Brand Name and Designer Outlet Stores
GREENSBORO, N.C., Oct. 23, 2014 /CNW/ -- Tanger Factory Outlet
Centers, Inc. (NYSE: SKT) and RioCan Real Estate Investment Trust
(TSX: REI.UN) announced today that Tanger Outlets Cookstown will
celebrate the Grand Opening of its expansion on Friday, November 7 with an event full of
glistening glamour and stylish savings.
The new expansion adds over 150,000 square feet to the upscale
outlet centre, which will now total approximately 308,000 square
feet. The expansion features over 35 leading brand name and outlet
stores including: Calvin Klein, American Eagle Outfitters, Gap
Factory Outlet, Banana Republic Factory Store, Nike Factory
Store, Tommy Hilfiger, Aeropostale and many more.
Tanger Outlets Cookstown is located in the northern end of
the Greater Toronto Area directly off Highway 400 at
Highway 89, the gateway to the highest concentration of vacation
homes in Southern Ontario's "cottage country". A thriving
community, Cookstown shares the benefits of being in proximity
to Toronto's vibrant economy which
is fueled by its over 7 million residents and its 16 million annual
tourists. It is further supported by the affluent cities of
Barrie and Newmarket.
The completed expansion represents an estimated $70 million investment in Cookstown as well as the creation of more than
400 full and part-time retail management and sales positions.
"We are thrilled to celebrate the grand opening of the expansion
to the Tanger Outlets Cookstown, which increases the number of
brand name and designer outlet stores available to area shoppers,"
said Steven B. Tanger, President and Chief Executive Officer
of Tanger Factory Outlet Centers, Inc. "This expansion underscores
our commitment to supporting the Greater
Toronto Area, and we will continue to focus on making Tanger
Outlets Cookstown a destination for stylish savings on in-season,
on trend, value priced merchandise direct from the manufacturer at
30 to 70 percent off retail prices."
Tanger Outlets and RioCan currently co-own outlet centres in
Bromont and St. Sauveur, Quebec as well as the recently
opened Ottawa, Ontario location
which celebrated a successful Grand Opening this past weekend that
surpassed expectations and was attended by thousands of local
shoppers.
"The overwhelmingly positive local response to our grand opening
in Ottawa this past weekend
underscores the gap that has existed in the value retail segment of
the Canadian market for years," said Edward
Sonshine, Chief Executive Officer of RioCan. "We are looking
forward to continuing our partnership with Tanger Outlets to offer
Canadians a new shopping experience with the expansion of Tanger
Outlets Cookstown opening in November."
About Tanger Factory Outlet Centers,
Inc.:
Tanger Factory Outlet Centers,
Inc. is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and
owns, or has an ownership interest in, a portfolio of 46 upscale
outlet shopping centers in 26 states coast to coast and in
Canada, totaling approximately
14.0 million square feet leased to over 3,000 stores operated by
more than 460 different brand name companies. More than 185 million
shoppers visit Tanger Factory Outlet Centers annually. For more
information on Tanger Outlet Centers, call 1-800-4TANGER or visit
the company's web site at www.tangeroutlet.com.
Contact:
Quentin Pell
Tel: 336-834-6827
quentin.pell@tangeroutlets.com
About RioCan:
RioCan is Canada's largest real estate investment trust
with a total capitalization of approximately $14.9
billion as of June 30, 2014. It
owns and manages Canada's largest portfolio of shopping
centres with ownership interests in a portfolio of 340 retail
properties containing more than 81 million square feet, including
47 grocery anchored and new format retail centres containing 13
million square feet in the United States as at June
30, 2014. RioCan's portfolio also includes 16 properties under
development in Canada. For further
information, please refer to RioCan's website at
www.riocan.com.
Contact:
Christian Green
Tel: 416-866-3033
cgreen@riocan.com
Photo - http://photos.prnewswire.com/prnh/20141023/154091
Photo - http://photos.prnewswire.com/prnh/20141023/154093
Photo - http://photos.prnewswire.com/prnh/20141023/154092
SOURCE Tanger Factory Outlet Centers, Inc.