Down 34%, This Retail Stock Is a Major Bargain
Tanger Factory Outlet Centers (NYSE: SKT) is the only real estate investment trust, or REIT, that is exclusively focused on outlet retail. The company owns 36 outlet malls, mostly located in the Eastern and Southern United States.
As you can probably imagine, this wasn't the best business to be in when the COVID-19 pandemic started. While Tanger's properties technically remained open for the most part, virtually all of its tenants were forced to close in the early lockdowns, and some ended up declaring bankruptcy. And not only that, but Tanger had been struggling to keep its occupancy strong for years (even before the pandemic) as e-commerce competition caused some of its largest tenants to struggle.
In the past year or so, however, Tanger has pleasantly surprised investors. Its occupancy is on the rise, tenant sales look incredibly strong, and the company looks ready to start growing for the first time in years.
Source Fool.com
