Despite living in a digital age, 97% of Gen Z continues to shop in brick-and-mortar stores, according to a survey by the International Council of Shopping Centers. Following Tanger Outlets (SKT) second quarter earnings results, CEO Stephen Yalof joins Wealth! to discuss the state of the consumer.
Yalof observes that the middle price point “is really attractive to the consumer,” with brands like Gap (GPS), Old Navy, and Banana Republic performing well. However, higher-priced brands are “not having the same sort of day that these particular brands are.” With inflation remaining high, quality and affordable brands are particularly appealing to consumers.
Despite the evolving digital landscape, Yalof notes that individuals still seek the traditional store experience. “I think that the consumer likes the idea of window shopping online, but actually making their purchases in store,” he says, adding that it’s far beyond just shopping—it’s about eating and enjoying the overall experience as well.
Watch the video above to hear how Yalof describes how Tanger is adjusting its spaces to meet changing consumer demand.
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