Consumer Spending Volatility: Economic downturns or shifts in consumer discretionary spending directly impact tenant sales and, consequently, Tanger's rental income.

Tenant Bankruptcy Risk: Retailer bankruptcies or store closures can lead to increased vacancies, lost rental income, and higher re-tenanting costs for Tanger properties.

E-commerce Competition: The continued growth of online retail diverts sales from physical stores, potentially reducing foot traffic and demand for Tanger's outlet space.