A look at retail market trends in downtown Philadelphia. The report includes an analysis of retail demand, the results of CCD’s annual retail survey, updated pedestrian traffic counts and a roundup of selected major retail developments in the pipeline.
Nearly 185,000 residents, 300,000 workers, 3.1 million occupied hotel room nights and 117,000 college students in and around Center City generate more than $1 billion in retail demand. The number of downtown residents has increased 17% since 2000, and millennials entering their peak consumer-spending years represent 40% of this population. Center City’s affluent and
highly educated residential demographic has attracted more than 45 national retailers since 2013. More than 2 million square feet of retail is under construction downtown, as older shopping streets are being redeveloped and Philadelphia’s prime retail district continues to expand.
Center City’s density, diversity and walkability create opportunities for retailers seeking to capitalize on demographic patterns favoring urban cores in America. Both local and national developers are choosing Center City, and more than $8.5 billion is being invested or is planned for major developments within the downtown by 2019.