Contact:
JoAnn Loviglio
T 215.440.5546
jloviglio@centercityphila.org

FOR IMMEDIATE RELEASE

Just-released CCD retail report details current retail scene, latest trends, and survey responses from consumers about their most-desired businesses

PHILADELPHIA (November 26, 2024) -- Center City District (CCD) today released its Center City Retail Report, highlighting the continued strength and evolution of Philadelphia's downtown retail landscape. The report reveals a stabilized retail occupancy rate of 83% across the district, with significant growth in several key sectors.

The retail environment has shown remarkable resilience, with the total number of retailers growing 15% since 2019. The district now is home to nearly 3,000 retail stores, service providers, and food and beverage establishments within a two-square-mile area. Notable growth includes 35 new full-service restaurants, 26 bar/nightlife locations, and multiple new retail concepts in the past two years.

Among the 22-page report’s key takeaways:

• Center City maintains a steady retail occupancy rate of 83%, with nearly 1,792 retail businesses.
• The number of retailers has grown by 15% since 2019.
• New entertainment venues have transformed the retail landscape, offering experiential offerings beyond traditional shopping.
• CCD’s Open Streets initiative in September proved remarkably effective, with nearly 90% of businesses reporting increased foot traffic and a 68% average increase in sales.
   

A significant finding in the report shows that three of the nation's 50 wealthiest ZIP codes are in or adjacent to Center City, with the 19103 ZIP code (containing Rittenhouse Square, Fitler Square, and Logan Square) ranking as the 24th wealthiest ZIP code in the U.S. This concentration of spending power has attracted numerous national retailers and "clicks-to-bricks" brands choosing Center City to open their physical locations.

Additionally, new retail clusters have emerged along Washington Avenue and Spring Garden Street, driven by mid- and high-rise apartment development in Extended Center City neighborhoods. The report also notes a boom in experiential retail concepts, particularly east of Broad Street, with venues like Puttshack, Beat the Bomb, and Five Iron Golf choosing Center City for expansion.

A summer shopper survey conducted by CCD revealed strong demand for specific retailers, with fashion brands Zara, Abercrombie, and Nordstrom topping the wish list of most requested stores.

The survey also highlighted that 37% of respondents do not have regular access to a car, emphasizing the importance of Center City's walkable retail environment.

The report notes some challenges, including a decline in outdoor dining capacity since its pandemic-era peak in 2021. While current outdoor seating remains slightly above 2019 levels, the number of streeteries has decreased significantly, with only four establishments maintaining these structures.

"Center City's retail landscape continues to evolve and strengthen, driven by strong demographics and growing residential density," said Prema Katari Gupta, President and CEO of Center City District. "The success of initiatives like Open Streets and the continued attraction of national retailers demonstrates the district's vitality and potential for further growth."

To read the 22-page report, which includes a variety of maps, charts, details on emerging retail trends, customer survey results, and up-to-the-minute lists of Center City’s new and coming-soon retailers, visit centercityphila.org/retail.

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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 Through public space management, streetscape improvements, and economic development initiatives, CCD plays a pivotal role in shaping the urban experience for residents, businesses, and visitors.