Tanger Outlets Cookstown to Celebrate Grand Opening of the Expansion November 7

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:  [phone]
[e-mail]

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: [phone]
[e-mail]        

 

 

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SOURCE Tanger Factory Outlet Centers, Inc.

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