Tanger CEO Stephen Yalof Says Holiday Shoppers Seek Value

Holiday shoppers are willing to spend but are looking for value, Tanger CEO Stephen Yalof told CNBC Tuesday (Dec. 23).

Retailers at Tanger’s outlet centers are catering to this demand with promotions and are gaining traffic and sales, Yalof said, according to a CNBC report.

“Retailers are discounting to meet the consumer, and the consumer is responding by shopping,” Yalof said, per the report.

Throughout November and December, the outlet centers saw full parking lots and steady activity, Yalof said.

Both Mastercard and Visa said Tuesday that American consumers spent more this holiday season while also hunting for bargains.

Mastercard SpendPulse reported that retail sales were up 3.9% year over year in November and December. The company added that consumers shopped across channels, including in-store and online, in pursuit of the best promotions and maximum convenience.

Visa Consulting and Analytics (VCA) said holiday retail spending was up 4.2% and added that eCommerce continued to grow as online retailers offered early-season promotions and convenience.

Real estate investment trust Simon reported Dec. 2 that its malls and premium outlets saw a 6.4% year-over-year increase in traffic over the Black Friday weekend.

“On Black Friday and throughout the weekend, we saw even more evidence of what we already knew: Malls are thriving,” David Simon, chairman, CEO and president of Simon, said in a press release. “Popular brands throughout our portfolio reported double-digit sales increases over the weekend compared to last year.”

PYMNTS reported Tuesday that consumer confidence is weakening even as spending remains strong.

The latest findings from The Conference Board showed that consumer confidence fell by 3.8 points in December, marking the fifth consecutive drop.

The decline was felt across all age groups and political affiliations, as well as among most income brackets, except for those earning less than $15,000 or more than $125,000 per year.

“Consumers’ write-in responses on factors affecting the economy continued to be led by references to prices and inflation, tariffs and trade, and politics,” Dana M. Peterson, chief economist for The Conference Board, said in a Tuesday press release. “However, December saw increases in mentions of immigration, war and topics related to personal finances—including interest rates, taxes and income, banks, and insurance.”