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When Stanley Tanger envisioned building a shopping center just for outlet stores in the early 1980s, many bankers thought the idea would never fly and refused to give him a loan.

But his son, Steven Tanger, thought the concept had great potential. After all, he knew the popularity of the outlet store for the menswear company the family owned at the time.

The father — and son — were right. Almost 30 years later, the Greensboro-based Tanger Factory Outlet Centers is traded on the New York Stock Exchange with 33 outlet centers nationwide.

Now, the younger Tanger is about to assume one of the company’s highest leadership positions. On Thursday, company founder Stanley Tanger will pass the seat of chief executive officer to his son, who has 23 years of experience with the company.

A graduate of UNC-Chapel Hill, Steven Tanger joined the company in 1986 as executive vice president. In 1995, he became a company director and was named president and chief operating officer.

Stanley Tanger will remain chairman of the company’s board.

After decades working by his father’s side, Steven Tanger said he is excited to continue the family’s tradition — and success — in the business.

“There’s an old saying which is true today: 'In good times people like a bargain. In not so good times, they need a bargain.’ ... Our business has been stable for many years.”

For 27 consecutive years, the Tanger outlets have been at least 95 percent occupied, Steven Tanger said, a mark that’s hard to match in other sectors of retail.

The company, which has its origins in the Burlington Manufacturers Outlet Center, has plans to build a new outlet center in Mebane.

“The consumers like our product,” he said. “They like to save money and that’s why we’ve been successful.”

And though he will be the new occupant of the CEO chair, the younger Tanger said he doesn’t have plans to make any significant changes.

“You certainly don’t want to fix something that’s working,” he said.

“We have a fortress balance sheet. We don’t have a single mortgage encumbering any of our assets. And we have no debt coming due for three years on a corporate level. We’re set up to weather whatever storm there might be in the economy.”

Contact Lanita Withers at 373-7071 or lanita.withers@news-record.com