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Center City retail and restaurants have almost fully rebounded from the events and challenges of 2020.
This edition of the CCD and CPDC quarterly newsletter details everything we are doing to speed up Philadelphia’s slow but steady recovery. The cover essay seeks to answer the question: If crowds are comfortably returning to sports arenas, theaters and concert halls, bars and restaurants, what’s the problem with offices, where social distancing and masking in common areas is much easier to achieve?
Center City's retail occupancy rates, pedestrian volumes, retail sales and jobs are rising and approaching levels last seen in 2019, according to Center City Retail Update: July 2023, a new report released by the Center City District/Central Philadelphia Development Corporation.
Sustained by a diversified retail customer base that includes the third largest downtown population in the U.S., workers, tourists, and regional visitors, Center City Philadelphia is on pace for the second consecutive year of positive net openings, according to the new Center City District/Central Philadelphia Development Corporation Center City Retail, November 2022.
Center City’s commercial core is experiencing a sustained process of recovery, with new businesses opening and existing retailers moving to new, often larger locations, according to the just-released CCD/CPDC Center City Retail Update. In the first quarter of 2022, taxable retail sales in the core of Center City reached 94% of 2019 levels and restaurant sales reached 74% of 2019 levels.
Greater Center City Philadelphia leads city in housing growth, with residential development reaching a 5-year high in 2024, according to new CCD research.