Summer is hitting its peak and parents have back-to-school shopping on the mind. Tanger Factory Outlet Centers (SKT) reported a 97.2 percent increase in store occupancies since June as consumers are flocking to outlet malls to find the best retail savings.
"It's a great opportunity for people who have a budget or people who are being hit by the economic headwinds we're seeing right now, [such as] gas prices rising, etc." Tanger Outlets CEO Stephen Yalof tells Yahoo Finance Live. "They can get to one of our shopping centers and get name-brand value products for their entire family."
Yalof outlines the retail trends driving athleisure purchases higher, department stores pivoting to outlet mall locations, and the new-found approachability of luxury brands.