WEBVTT - Bloomberg Surveillance: Stephen Yalof on Retail

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Steven Yelloff, the president and CEO of Tanker, a leading

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<v Speaker 2>operator of open s shopping centers across twenty US states

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<v Speaker 2>in Canada, joins US now to discuss this sector and

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<v Speaker 2>your business. Sir Stephen good To, can't chat with you.

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<v Speaker 2>Thank you, John, Thanks for them. Let's get into this.

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<v Speaker 2>Traditionally we talk about a Macy's and the Bloomingdale's being

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<v Speaker 2>that anchor retailer in them all. How has that changed

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<v Speaker 2>and how are things developed for you?

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<v Speaker 3>You know, the footprints of our shopping centers are considerably

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<v Speaker 3>smaller than the larger regional malls, So for US, anchor

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<v Speaker 3>retailers are in the twenty five thousand to thirty five

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<v Speaker 3>thousand square foot range, so far less reliant on any

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<v Speaker 3>one tenant in any of our shopping centers. But there's

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<v Speaker 3>still great draws. So Bloomydale still has an outlet business

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<v Speaker 3>Sacks off Fifth too, both of which they facilitate brands

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<v Speaker 3>that you wouldn't get in typical lifestyle stores that you

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<v Speaker 3>have in our our.

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<v Speaker 2>Shopping So much has been written at about this sector

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<v Speaker 2>of this industry in the last ten years. Usually it

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<v Speaker 2>got something like this, most dreadful dying.

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<v Speaker 1>It's the end.

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<v Speaker 2>It's not for you. You see things quite differently.

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<v Speaker 3>Well, first of all, you know, ever since COVID, the

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<v Speaker 3>open air shopping center has really been sort of the

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<v Speaker 3>highlight in our sector. People like the place where they

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<v Speaker 3>can gather, where it becomes a community space. So the

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<v Speaker 3>outlet centers of ten fifteen years ago really power shopping experiences.

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<v Speaker 3>But now they're evolving. We're changing the uses. We're filling

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<v Speaker 3>some of that vacant see those created by COVID with

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<v Speaker 3>different types of uses, not necessarily outlet uses. Bigger draws

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<v Speaker 3>draw retailers where people want to come and shop every

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<v Speaker 3>week as opposed to once a quarter.

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<v Speaker 1>How much are you seeing that bifurcation that we were

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<v Speaker 1>talking about in Macy's with respect to some of the

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<v Speaker 1>lower income shoppers. Are people who are more looking for

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<v Speaker 1>discounts and those who are willing to go to the

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<v Speaker 1>upper end types of products.

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<v Speaker 3>Well, you know, look, we see Macy's as a competitor

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<v Speaker 3>for us because Macy's branded value and that's pretty much

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<v Speaker 3>what we're selling all day. So for us, if we

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<v Speaker 3>can create more theater, if we can create more excitement,

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<v Speaker 3>if we can create more of an entertaining environment for

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<v Speaker 3>people to shop. And I think they find that when

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<v Speaker 3>they come into one of our centers where Ralph Laurence

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<v Speaker 3>store is end to end just Ralph Laurence, so you

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<v Speaker 3>can shop the entire lifestyle, the brand, the depth, the

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<v Speaker 3>breath of the product in one environment where the service

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<v Speaker 3>And that's a huge part of the business too, is

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<v Speaker 3>you know, it's interesting, you know all the different places

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<v Speaker 3>where one can shop online or large department stores. I

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<v Speaker 3>think there's nothing more satisfying to a customer that when

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<v Speaker 3>a service representative says, you know, you look pretty good

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<v Speaker 3>in that thing, and that helps sometimes helps close the deal. So,

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<v Speaker 3>you know, we want to make sure that we provide

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<v Speaker 3>service where a lot of those other venues don't.

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<v Speaker 1>I need someone to tell me that I look good

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<v Speaker 1>before I buy something. Look, there's a real question here,

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<v Speaker 1>and I guess I'm going to the question of the

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<v Speaker 1>consumer and the retailer and the ability to spend Right now,

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<v Speaker 1>there's so many sort of roader economic questions tied to

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<v Speaker 1>your business. To understand how many people are will to

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<v Speaker 1>shell out one hundred dollars two hundred dollars a day

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<v Speaker 1>for the experience for the walking up and down the

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<v Speaker 1>mall and buying some food in the process. Are you

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<v Speaker 1>seeing greater foot traffic increasing or do you see a

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<v Speaker 1>real kind of pushback restraint by consumers that have gotten stretched?

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<v Speaker 3>You know, so our traffic numbers seem to be pretty

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<v Speaker 3>consistent with where they were even in the peak, you know,

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<v Speaker 3>prior to twenty nineteen. We're seeing more cars now in

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<v Speaker 3>our center that we did then, and I think a

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<v Speaker 3>lot of that is because we're closer into where the

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<v Speaker 3>public is shopping now. You know, the old narrative on

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<v Speaker 3>outlet centers, we are so far out that it required

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<v Speaker 3>a special trip and a special drive. And now what

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<v Speaker 3>we're finding is people are moving to a lot of

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<v Speaker 3>the geographies where our centers are and we become the

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<v Speaker 3>center of the energy. And because of that, in order

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<v Speaker 3>for us to compete in those marketplaces, we need more variety.

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<v Speaker 3>And variety comes not only with better outlet retailers, but

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<v Speaker 3>it also comes with better food and beverage, restaurants, sit

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<v Speaker 3>down entertainment, things for people to do, and that's why

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<v Speaker 3>we're seeing the cars come, and they're coming more frequently.

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<v Speaker 4>When I grew up going to Tanger was a highlight,

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<v Speaker 4>you know, twice a year. Now it sounds like what

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<v Speaker 4>you're saying is you're making this habitual. How do you

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<v Speaker 4>do that? How do you see returning customers so that

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<v Speaker 4>it's not just I'm going to go to the outlets

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<v Speaker 4>once a year.

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<v Speaker 3>Well, let's take Deer Park, which is out in Long Island,

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<v Speaker 3>which might be a shopping center that you visited. So

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<v Speaker 3>you take a look at a center. Well, you take

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<v Speaker 3>a look at a center like that, So you know,

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<v Speaker 3>it's up to us in order to make sure that

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<v Speaker 3>we continue to drive customers into the center far more

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<v Speaker 3>frequently than they had in the past. It's just the

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<v Speaker 3>variety of uses that we bring and the brands that

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<v Speaker 3>people like. You know, the customers evolving, they're getting younger,

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<v Speaker 3>and you know, it's really a lot of competition to

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<v Speaker 3>get people off the couch and into a shopping center.

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<v Speaker 3>So you can't just use great creative marketing to get

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<v Speaker 3>a younger customer to come to your centers. They you

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<v Speaker 3>have to have the brands that they like. So a

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<v Speaker 3>lot of these new cool direct to consumer brands, brands

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<v Speaker 3>you only saw online, but now you're seeing these brands

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<v Speaker 3>in a bricks and mortar format. We're getting them into

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<v Speaker 3>our centers and they're serving as a big part of

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<v Speaker 3>that draw.

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<v Speaker 4>You said that rent and open air outlet is less

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<v Speaker 4>expensive than in a mall. Why is that?

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<v Speaker 3>Well, you know, open air, first of all, the common

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<v Speaker 3>area maintenance piece is a considerable charge to a lot

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<v Speaker 3>of retail. They get passed through the retailers quite frankly,

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<v Speaker 3>and in our centers, you know, when you're open air,

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<v Speaker 3>there's far less of that expense to divide amongst the retailers.

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<v Speaker 3>You know, especially in our shopping centers. We're primarily Southern based,

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<v Speaker 3>so you know, snow removal is a huge part of

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<v Speaker 3>the narrative too, especially now. Actually, we just bought a

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<v Speaker 3>shopping center in Alabama and within the first month that

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<v Speaker 3>we had that center at snowed in Alabama. Wow, believe

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<v Speaker 3>it or not. So there's an expense piece of that that,

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<v Speaker 3>you know, we at least see some savings.

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<v Speaker 2>Can we talk about crime and retail as well. If

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<v Speaker 2>we had some politicians here, depending on their party, they

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<v Speaker 2>tell you it was really bad, Well there was nothing

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<v Speaker 2>to see here. What's the reality in your business? And

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<v Speaker 2>is it regional? Is it state by state?

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<v Speaker 3>You know, I think it is state by state, and look,

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<v Speaker 3>it's a problem everywhere and it's something that we are

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<v Speaker 3>absolutely rigorous that when we dive in, and technology has

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<v Speaker 3>really played a great role in helping us think through that.

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<v Speaker 3>How do you thwart off potential organized crime? You know,

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<v Speaker 3>we have great connectivity back to the FBI and of

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<v Speaker 3>the great government agencies that give us alerts when there

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<v Speaker 3>are some things that are planned. And you know, we

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<v Speaker 3>have great surveillance on site, digital surveillance, drone surveillance, so

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<v Speaker 3>that if an incident does occur, you know, we've got

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<v Speaker 3>great opportunity to.

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<v Speaker 2>Do you find the pressure, though the burden is landed

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<v Speaker 2>on you to spend more on security, has this been

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<v Speaker 2>passed to you?

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<v Speaker 3>Well, you know, we look, we're partners with the retailers

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<v Speaker 3>in our centers and a lot of those retailers contribute

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<v Speaker 3>to you know, we talked about CAM earlier and they

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<v Speaker 3>can contribute that CAM cost. But you know, look, when

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<v Speaker 3>something happens at a Tanger center, it's Tanger that's on

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<v Speaker 3>that on that masthead. And sure it's a it's a

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<v Speaker 3>big part of our responsibility. You know, we'd like to

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<v Speaker 3>say that we provide a fun entertaining and safe environment

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<v Speaker 3>for our shoppers to come every day, and we'd love

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<v Speaker 3>to be able to, you know, sort of that be

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<v Speaker 3>our hallmark as we go forward.

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<v Speaker 2>And let's talk about multidecade highs. Can you wok us

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<v Speaker 2>through how this is shaped you a business in any

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<v Speaker 2>way Shapeful Foam.

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<v Speaker 3>Well, well for us, you know, being on sale every day,

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<v Speaker 3>and I think that that's a big part of the

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<v Speaker 3>narrative for us. You know, it's like the consumer we

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<v Speaker 3>were talking about trading down the consumer that rather than

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<v Speaker 3>spending their dollars on luxury products, you're really looking for

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<v Speaker 3>branded value. There's been articles written recently about even the

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<v Speaker 3>highest end consumer shopping in stores where they were able

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<v Speaker 3>to get the same products that they're looking for, but

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<v Speaker 3>get them at the best possible price. And I think

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<v Speaker 3>that's that's what we do every day. So we're seeing

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<v Speaker 3>a lot of customers that we hadn't seen in the

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<v Speaker 3>past coming and at least investigating and looking at at

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<v Speaker 3>our product, and I think we're converting a lot of

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<v Speaker 3>customers that way.

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<v Speaker 1>It raises a question also just about your real estate portfolio,

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<v Speaker 1>because ultimately you do manage a whole host of different

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<v Speaker 1>properties and you own them, And I'm wondering whether it's

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<v Speaker 1>a time to be buying if you have all cash

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<v Speaker 1>and you can buy, because people who do want to

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<v Speaker 1>get out might have a more limited slew of potential buyers.

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<v Speaker 1>Or is this sort of a place where you need

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<v Speaker 1>to sort of manage a little bit more carefully.

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<v Speaker 3>Yeah. Well, last quarter we brought three new properties to market. So,

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<v Speaker 3>for example, we built a brand new center in Nashville, Tennessee,

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<v Speaker 3>opened in October, and then we purchased two properties, one

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<v Speaker 3>in Ashville, North Carolina, and then one in Huntsville, Alabama, Huntsville,

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<v Speaker 3>Alabama being a lifestyle center, not an outlet center, so

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<v Speaker 3>it's the first in our portfolio that is not outlet

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<v Speaker 3>or off price focused, and we think that makes a

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<v Speaker 3>tremendous amount of sense because of the team that we

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<v Speaker 3>built in the platform that we built focused on leasing,

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<v Speaker 3>operations and marketing. We think that team can execute to

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<v Speaker 3>outlets specific and then adjacent to outlet, which we think

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<v Speaker 3>is what lifestyle feels.

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<v Speaker 1>Do you think it's a particularly good time to expand

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<v Speaker 1>and be buying properties because of the discounts due to

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<v Speaker 1>where rates are.

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<v Speaker 3>Yeah, well, for us, look, we have great access to capital,

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<v Speaker 3>we've untapped lines of credit, We've got a relatively low

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<v Speaker 3>debt deeper ratio, so our balance sheet is very solid

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<v Speaker 3>and we are definitely in growth and acquisition rode right.

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<v Speaker 2>Now, more acquisitions? Why would you make them? And what

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<v Speaker 2>would they look like?

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<v Speaker 3>You know, we like the South. You know, we've been

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<v Speaker 3>very successful in the South, open air shopping centers or

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<v Speaker 3>you know, the hours of operation and the months of

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<v Speaker 3>operation or definitely.

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<v Speaker 2>Send us a that's a weather's right for you?

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<v Speaker 3>Well, you know what works for us for sure. You know, Look,

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<v Speaker 3>we're a Southern based company. We're based in Greensboro, North Carolina,

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<v Speaker 3>so we've we've grown up in that marketplace, so we

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<v Speaker 3>know it pretty well. And like I said, our last

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<v Speaker 3>two acquisitions were well, we built in Nashville, but we

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<v Speaker 3>acquired in North Carolina and Alabama.

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<v Speaker 2>We hear from certain industries it's easy to do business

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<v Speaker 2>in certain states than others. Would you say the same thing?

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<v Speaker 3>Definitely, you know, and it's I think it's more the

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<v Speaker 3>community than the state. You know, when we build a

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<v Speaker 3>new shopping center or when we come into a new marketplace,

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<v Speaker 3>it's really that community. It's the local government that needs

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<v Speaker 3>to be pro business or not pro business, and when

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<v Speaker 3>they are pro business, it really works out great. You know,

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<v Speaker 3>first of all, if you think about it, any one

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<v Speaker 3>of our shopping centers employs a thousand people, and where

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<v Speaker 3>do they come from. They come from that local communit.

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<v Speaker 3>So we're added it from a job network and job

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<v Speaker 3>creation point of view, but also we're a big tax

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<v Speaker 3>generator for a lot of them.

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<v Speaker 2>It's refreshing to hear you say it's about the weather.

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<v Speaker 2>When I first moved over here, I thought old people

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<v Speaker 2>went to Florida because the weather was nice. I didn't

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<v Speaker 2>realize it was about the taxes. Took me a while

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<v Speaker 2>to catch here. It took me a while. We look

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<v Speaker 2>at Jeff Bezoss to Florida without a doubt that's about

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<v Speaker 2>the taxes.

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<v Speaker 1>Yeah, but open air shopping centers is about.

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<v Speaker 2>This about the weather of course today.

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<v Speaker 1>I mean honestly, in New York City, can you imagine,

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<v Speaker 1>it's like a complete snowstorm is raining direntially. That's sound,

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<v Speaker 1>I'm sure.

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<v Speaker 2>Of, Stephen, Thank you, Stevin out if appreciate. It's a

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<v Speaker 2>CEO of tanger. This is bad human today, really