A look at retail market trends in downtown Philadelphia. The report analyzes all the demand drivers for downtown retail and includes detailed data and demographics on Center City residents, workers, visitors and students, updated pedestrian traffic counts and a roundup of selected major retail developments in the pipeline.
Center City’s flourishing retail scene is fueled by more than $1 billion in annual demand created by 300,000 workers, 188,000 residents, 3.2 million occupied hotel room nights and 108,000 college students in and around the downtown. Retail demand is driving more than 2 million square feet of new retail space currently under development, expanding Philadelphia’s prime retail district and reactivating long-dormant downtown shopping streets. In particular, Philadelphia’s historic department store corridor along Market East is being revived with six large mixed-use projects that will add 1.1 million square feet of retail, representing an $815 million investment. Since 2013, 60 national retailers have chosen a Center City location, supplementing a strong base of local boutiques and independents representing 76% of downtown stores.