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Sandeep Mathrani, who has extensive retail real estate experience, has become a member of the board of directors of Tanger Factory Outlet Centers.
Mathrani is currently the chief executive officer of WeWork Inc., where he has been orchestrating turnaround efforts.
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“Tanger Outlets has a long-standing reputation as a leader in the public real estate market,” Mathrani said. “I am excited to be joining the company at a time when growth and development are at the forefront of its mission.”
Tanger, based in Greensboro, N.C., operates 36 upscale outdoor outlet centers, which many people would consider safer to shop in during the pandemic, compared to enclosed malls. Executives cited a pickup in shopper traffic last quarter as wells as improvement in rent collections. Most of Tanger’s centers are near vacation destinations and in areas where families have second homes, including Riverhead, N.Y., close to the Hamptons, and Daytona Beach, Fla.
On the agenda at Tanger: bringing a greater digital dimension to the business with more products available to see online; offering categories not sold before at Tanger centers, and layering in what executives consider an “elevated” level of outlets, including digitally native brands as well as more food and beverage at certain Tanger properties.
Prior to WeWork, Mathrani was CEO of Brookfield Properties’ retail group and vice chairman of Brookfield Properties from 2018 to 2019. He also served as CEO of General Growth Properties. For eight years, during which he recapitalized the company from bankruptcy in 2010 and led eight years of growth prior to the successful $9.25 billion acquisition of GGP by Brookfield Property Partners in 2018.
Earlier, Mathrani was president of retail at Vornado Realty Trust from 2002 to 2010 and was responsible for all retail real estate activities in the U.S. and India. Prior to Vornado, he was executive vice president at Forest City Ratner Companies LLC from 1994 to 2002 and was responsible for its retail development and related leasing in the New York City metropolitan area. He’s also on the board at Dick’s Sporting Goods.