Stock Certificate, specimenLate 1900'sSecurity-Columbian / United States Bank Note CompanyThe item shown is representative of the one you will receive
Before he pioneered the development of outlet centers, Stanley K. Tanger spent many years at the head of a shirt manufacturing company. Creighton, Inc., located in Reidsville, North Carolina, was founded by Stanley's father Moe Tanger in 1920. The company made private-label shirts for department stores as well as uniform shirts for sale to the military. Stanley became head of management at Creighton in 1948. Under his leadership, the factory opened five small outlet stores to sell shirts directly to customers. The stores were successful, suggesting that a factory outlet enterprise on a larger scale could be viable. But Tanger was occupied with running the factory and lacked the time to pursue large-scale development of outlet centers. In 1979, however, tired of dealing with department stores and banks, he sold the shirt manufacturer to its employees. The outlet center idea resurfaced as he found himself retired with plenty of time on his hands.
Having spent three decades in the shirt manufacturing business, Tanger had firsthand experience of how much excess merchandise was generated by returns and factory overruns. The potential for factory outlet centers was apparent. Accordingly, in 1981 he formed Stanley K. Tanger & Co. with the purpose of developing shopping centers. Four banks turned him down before he obtained a loan to launch the business. The first outlet center opened in North Carolina in 1981: a 50,000-square-foot project at the Burlington Manufacturer's Outlet Center.
In 1993, Tanger changed its name to Tanger Factory Outlet Centers, Inc. and became the first outlet-only Real Estate Investment Trust (REIT) to be listed on the New York Stock Exchange.
Tenants in Tanger Outlet Centers include Liz Claiborne, Gap, Banana Republic, Old Navy, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Nautica, Abercrombie & Fitch, Hollister, Eddie Bauer, Brooks Brothers and Nike.NC-North Carolina Retail and Related Outlet Centers Real Estate and Land Development Specimen Pieces Male Subject Storefront Scene