Monitoring the economic pulse of the Triad
Tanger announces Canadian expansion
Greensboro-based Tanger Factory Outlet Centers has announced it will expand north of the border, opening an outlet in a suburb of Toronto, Canada by the spring of 2013. A joint venture with RioCan Real Estate Invesment Trust, Tanger will open its Halton Hills location after a two-year construction process. “Halton Hills is one of the fastest growing communities in Canada and the [greater Toronto area], allowing our retailer partners access to the fifth largest retail market in North America,” said Steven Tanger, the company’s president and CEO, in a press release. Upon completion, the project will house 350,000 square feet of factory outlet stores from the US and Canada, “offering consumers a unique opportunity to purchase merchandise directly from leading designer and brand name manufacturers at a substantial savings,” according to the press release. “In the US, the Tanger Outlets brand and shopping experience has generated strong followership and credibility with retailers and consumers,” said project managing director Tony Grossi. “We believe we can duplicate the same loyalty and confidence here in Halton Hills and across Canada.” Tanger intends to open 10 to 15 outlet centers in major metropolitan markets across Canada over the next five to seven years.
Outgoing Reynolds American CEO receives more than $16 million in compensation Susan Ivey, who retired as co-president and CEO of Reynolds American in February, earned more than $1.3 million in salary in 2010. In a filing with the Securities and Exchange Commission earlier this month, Reynolds reported that Ivey also received almost $7.5 million in stock awards and almost $7.8 million from the company’s non-equity incentive plan. Ivey also received almost $250,000 in additional compensation for a grand total of more than $16 million in compensation for 2010. Ivey’s retirement pension is valued at almost $7 million. Daniel M. Delen, who became Reynolds American’s president and CEO on March 1, earned a base salary of $870,700 in 2010, $2.4 million in stock awards, $2.7 million from the company’s non-equity incentive plan and $163,000 in additional compensation for a grand total of $6.2 million in 2010. Thomas R. Adams, executive vice president and chief financial officer, earned $4.9 million in 2010. Judy Lambeth, general counsel, earned $3.7 million in 2010. Tommy J. Payne, president of Reynolds American subsidiary Niconovum, earned $2.67 million in 2010.
The average tobacco farmworker in the southeastern US earns $7,700 a year, according to the US Department of Labor.