Linda K. Harris, Director of Communications
Center City Retail is Dynamic, Expanding and Diverse
PHILADELPHIA (December 3, 2014) – While 77% of retailers in Center City are boutiques, independents and regional firms, shopping choices have significantly expanded with the opening of large-scale national retailers Century 21, Nordstrom Rack, and Uniqlo, according to a new report issued today by the Center City District and Central Philadelphia Development Corporation.
Growing demand, driven by 180,000 residents, 300,000 workers, 121,000 college students in or immediately adjacent to downtown and 3 million annually occupied hotel room nights, has made Center City an attractive location for both high-end and fast-fashion retailers who value Center City’s highly concentrated, cosmopolitan, and diverse customer base.
Other new arrivals in 2014 include Vince, Timberland, Vans, Calypso St. Barth, My.Suit, American Eagle Outfitters, and Goorin Brothers; Michael Kors and Forever 21 soon will open.
Market East is in the midst of a total transformation as PREIT and Macerich re-imagine The Gallery’s 1.4 million square feet; National Real Estate Development launches a $250 million project that will add 322 residential units, office space, and 140,000 square feet of retail; and Brickstone Realty invests $75 million in a mixed-use project that will include 112 apartments and 95,000 square feet of retail.
West of Broad, two more developments will add 90,000 square feet of retail.
Millennials, entering their peak consumer-spending years, represent more than 29% of the downtown’s population; empty nesters and families with children continue to be attracted to Center City living and have helped drive an overall population increase of 13% since 2000. With household incomes averaging more than $107,000 and 75% of residents holding at least a bachelor’s degree, Center City’s purchasing power is growing. Within a one-mile radius of City Hall, there is almost $800 million in demand for shoppers’ goods.
Download: Center City Reports: Retail, December 2014 [PDF, 906 KB]
The Center City District, a private-sector organization dedicated to making Center City Philadelphia clean, safe and attractive, is committed to maintaining Center City’s competitive edge as a regional employment center, a quality place to live, and a premier regional destination for dining, shopping and cultural attractions. Find us at www.centercityphila.org and on Facebook and Twitter.