Quote:
Originally Posted by PHLJD13
https://www.inquirer.com/business/ce...-20240626.html
.9% drop in total occupancy, which I find good considering all the recent closings on Walnut Street. From the article:
" There is also strong evidence to support the fact that Center City residents leave downtown for certain kinds of shopping trips or to access certain retailers, meaning that the spending power of Greater Center City is not being captured in full by Greater Center City businesses"
Personally, I'll spend big in the City on food & drink, but I leave Center City not only for luxury brands (which CC cannot realistically support given King of Prussia), but also for mid-tier brands which should absolutely be considering the City (e.g., All Saints, Zara, Banana Republic, Neiman Marcus, or Bloomingdales).
It's hard not to look elsewhere (or online) when your options up and down Walnut Street are increasingly banks, cell phone stores, or infrequent-purchases, ala Saatva and Brooklinen.
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Inquirer and their titles...
Center City’s retail occupancy stays pretty stable despite retailers closing stores in recent months. They could have stopped after stable.
The convo has been had, but yes, more mid-tier brands would help Walnut, Chestnut, Market East. There is also an absence of home stores since Williams Sonoma and West Elm closed. However, some popular retailers are on the way (Reformation, Aritzia, Air Jordan, Equinox Gym).
One correction, Neiman Marcus is a high-end department store (location in KoP), not a mid-tier brand, and they would never open in Philadelphia.