Question · Q4 2025
Naishal Shah noted an uptick in retailer bankruptcies and store closures in 2026, mentioning Eddie Bauer, and asked for their share of total portfolio GLA and annualized base rent. He also inquired about specific tenant categories driving the increasing number of new lease deals signed over the last year.
Answer
Michael Bilerman, EVP, CFO, and Chief Investment Officer, Tanger, stated that none of the announced bankruptcies are in their top 25 tenants, and Eddie Bauer has 14 stores. He emphasized that bankruptcies are typical post-holiday and create long-term opportunities, with demand being much stronger. Justin Stein, EVP and Chief Revenue Officer, Tanger, noted that demand is not from one specific category but highlighted family apparel (Gap brands), athleisure, health and wellness, and a strong focus on Food, Beverage, and Entertainment, including peripheral land activation.
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