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.
From the changing retail mix along Rittenhouse Row to the expanding food and beverage offerings on East Market and Chestnut streets, Center City’s retail landscape is being transformed and repositioned to meet the needs of the growing millennial population in Center City, while continuing to serve Philadelphia workers, residents and visitors.
CCD’s annual report on the state of downtown retail, notes that Center City’s retail market is experiencing the shifting dynamics affecting retailers everywhere but is faring far better: vacancy along prime retail corridors in Center City is just 5.4%. By comparison, Q2 2018 retail vacancies hit 10.2% nationally and 8.4% regionally.
Center City’s 3,195 active storefronts in 2018 consist of 986 retail stores, 1,005 food establishments and 1,204 service providers. And despite the recent additions of well-known national retailers, Center City shopping remains distinct from everywhere else in the region: 743 of those 986 retail stores in the downtown – three out of four -- are local businesses.
To read the full report, download Center City Reports: Philadelphia Retail.