News
The Battle of the Outlets
November 7, 2012
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| The game is afoot: T anger has proposed Tanger Outlet Charlotte at I-485 and Steele Creek Road, while almost simultaneously Simon Property Group has proposed Charlotte Premium Outlets at I-485 and Idlewild in Stallings, in partnership with Paragon Outlet Partners.Tanger?s proposal would be its first property in Charlotte, but some of its holdings are fairly close to the area, such as Tanger Outlet Blowing Rock (pictured). Both new proposals are about the same size (400k SF vs. 350k SF), both would be complete by 2014—and neither have announced any tenants. Will both eventually break ground? (We suggest a rock/paper/scissor tournament to decide the fate. Or perhaps a game Gap/Old Navy/Banana Republic.) | |
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| RE Consultancy Rose & Associates CEO Kathleen Rose tells us the Charlotte market isn't large enough right now to support both properties because there's a substantial amount of retail space here already. She says that Simon's interest in developing another shopping center in the market is essentially defensive, since the company wants to maintain its market share in greater Charlotte and the Carolinas (among other properties, the REIT owns the pictured Gaffney Premium Outlets in Gaffney, SC). Basically, both aren't going to get what they want. |
