Park City Tanger Outlets location purchased by global company The Outlet Resource Group
The Tanger Outlets in Park City is dropping Tanger from its name after the shopping center was acquired by a global outlet company and a real estate firm out of Chicago on April 1.
Singerman Real Estate and The Outlet Resource Group recently announced the acquisition of four Tanger Outlets locations around the U.S., including the Park City location. The shopping centers will be renamed and rebranded, and the Kimball Junction location will become Outlets Park City.
David Hinkle, principal of The Outlet Resource Group, said the company plans to focus on developing a unique, localized marketing plan that is specific to Park City rather than build up the national brand of The Outlet Resource Group. The company intends to maintain the retailers currently located in the outlets.
Hinkle said Tanger Outlets, a publicly traded company, sold its four locations in Utah, North Carolina, Maryland and Iowa because it considered them non-core assets. Most of Tanger Outlets’ locations are in the southeast and East Coast, and Hinkle said Park City was outside of the company’s core focus.
The Outlet Resource Group, which markets, manages and leases outlet shopping centers in the U.S., Latin America and Europe, has partnered with Singerman Real Estate to acquire other outlets in the past. Hinkle said Singerman was interested in Park City because it already owns the DoubleTree by Hilton Hotel Park City — the Yarrow.
“They already have an investment in the marketplace,” he said.
He also said some members on The Outlet Resource Group team have done work in Park City, including himself. He had a retail store in the mountain town for 20 years.
“We love the Park City market. We think there’s a lot of potential to take what is already a really strong performer and make it even better,” he said.
The Outlet Resource Group intends to be actively involved in the community and establish partnerships with local businesses, Hinkle said. He and the rest of the team plan to visit the Park City location regularly.
While Hinkle said The Outlet Resource Group does not have a clear long-term marketing plan in place for Outlets Park City, he said outlets are frequently adding more food, beverage and entertainment options.
“I think what you’ll see longer term in this sector, generally speaking, is the footprint staying the same or maybe decreasing a bit, but other amenities that the consumer expects in today’s shopping experience will become more of an integral part of the overall shopping experience,” he said.
Avision Young, a real estate services firm headquartered out of Toronto, will be the property manager of Outlets Park City.
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