Center City storefront occupancy is rising in key corridors. Occupancy ticks down due to major brands contracting nationwide, but growth continues on Walnut Street and East Market corridors. Largely due to national brands shuttering stores across the country, retail occupancy in Center City experienced a 0.9% downtick during the first half of 2024, but the key shopping corridors on East Market and West Walnut streets continue to see new tenants along with rising foot traffic, according to the latest retail update from Center City District (CCD).

Among the report’s main takeaways:

• Retail occupancy within Center City District boundaries is 83.6%, down from 84.5% in September 2023.
• 74 new retailers have opened recently or will open later in 2024 across the downtown.
• Center City compares favorably to the region’s two largest suburban malls not only in terms of accessibility to the largest volumes of shoppers, but also in terms of proximity to concentrations of wealth. A new Business Journals analysis of the 1,000 wealthiest ZIP codes nationwide reveals that the Philadelphia region’s four wealthiest ZIP codes are all in Greater Center City.
• The downtown’s superior accessibility, improving safety, growing local population of young people and established concentrations of wealth thanks to high population density tee up a strong environment for attracting new and returning retailers to Center City.

For a narrative of trends, along with explanatory charts and maps, view the  16-page Retail Update report down below or download  on Issuu at Center City Retail Update, June 2024.