Commonly referred to as “The Birthplace of America” and “City of Brotherly Love,” Philadelphia is one of America’s oldest cities, and its population of 1.5 million makes it the fifth largest in the U.S. While best known for its rich history, blue collar mentality, cheese steaks, and passionate sports fans, Philadelphia continues to evolve and has increasingly developed its reputation as a modern American center for culture, healthcare, education, tourism, and cuisine, all of which contribute to its vibrant and diverse retail environment.
Center City Philadelphia, the city’s central business and residential district, is a focal point of the retail scene. Since 2000, the district’s population has grown by has more than 16.0%. A significant portion of this influx of residents is a result of a migration into the city by young working professionals, a demographic that has both helped dramatically change the local retail landscape and continued to support the city’s ongoing retail renaissance. While many U.S. retail markets along the East Coast experienced difficulties during the most recent recession, Center City Philadelphia’s retail market remained relatively vibrant and stable, maintaining an occupancy rate of almost 90%.
One of the most eclectic areas of the city, South Street has a wide range of options for both locals and tourists. Sidewalk cafes, boutique retailers, music venues, and pubs line this hip and trendy neighborhood.
OLD CITYThe oldest and most historic area of the city, home to Independence Hall, the Liberty Bell, and the Betsy Ross House. A popular tourist destination for its history, Old City is also one of Philadelphia’s most popular areas for its restaurants, nightlife, boutique shopping, with new and old loft style apartments and a mix of Brownstones.
WALNUT STREETWalnut Street is Philadelphia’s premier retail location and is home to numerous high-end retail stores, internationally recognized retailers, and global brands, mixed with high-end dining and luxury condos & townhomes.
WEST PHILADELPHIA/UNIVERSITY CITYWest Philadelphia/University City is one of the more rapidly growing sections of Philadelphia due its renowned healthcare and education institutions. It is home to the several world class universities and medical facilities including the University of Pennsylvania, Drexel University and Children’s Hospital of Pennsylvania. University City is a nightlife destination with mixed use student housing developments.
MARKET STREETMarket Street runs through the heart of the city’s central business district, consisting of office buildings with street level retail space and redeveloped malls. Tourist destination.
CHESTNUT STREETChestnut Street is one of Philadelphia’s most diverse retail streets, offering high-end retail tenants, fine-dining restaurants, boutique shopping, luxury hotels, and historic landmarks.
EAST PASSYUNK AVENUERecently named top 10 foodie street in America by Food & Wine Magazine and top food neighborhood in Philadelphia by Zagat, East Passyunk Avenue boasts some of Philadelphia’s oldest and most authentic Italian restaurants, cozy BYOBs and modern eclectic cuisine. Filling out the streetscape are local area boutiques selling newer American designers, garden supplies, and jewelry.
FISHTOWN/NORTHERN LIBERTIESIn recent years Fishtown can be characterized by significant rises in housing prices and the opening of upscale art, entertainment, and dining establishments headlined by several Starr restaurants and other flagship locations. It is also home to coffee houses, Beer Gardens, and edgy boutiques.
|SHOPPING CENTER TO WATCH OUT FOR|
|Center Name||East market-Phase I|
|Total Size (Sq.m)||500,000|
|- Retail NLA||105,000|
|- Leisure/Entertainment GLA||322 residential units, 160,000 sf of redeveloped office space, 114,000 sf parking|
|Planned Opening Date||2016|
|Consumer Profile||New retail space, MOM’s Organic Market, New residential apartments, Redeveloped office space|
|Description||Phase I of the $500 million mixed-use redevelopment project located in the heart of Center City Philadelphia on Market Street. Future phases of the project are planned and could add up to 2.0 msf of new commericial and residential space to market.|
|KEY AREAS / STREETS/SHOPPING CENTERS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000 SQFT||RANGE OF UNIT SIZES|
|Walnut Street||Luxury, high-end fashion, tourists||Club Monaco, Urban Outfitters, Intermix, Coach, American Apparel, Jack Willis, Dr. Martens, Tiffany, Lucky Jeans||Lululemon, New Balance, Lush, Mcdewell, Theory, Vince, Marc Jacobs||$85-$150||2,000-4,000|
|Chestnut Street||Local, tourists, CBD employees||Boyds, Sephora, Foot Locker, Express, J. Crew, H&M, Nordstrom Rack, Uniqlo||Bloomingdale’s-The Outlet Store, Forever 21, Five Below, Old Navy||$45-$135||2,000-4,000|
|Market Street||CBD employees, local||Old Navy, Burlington Coat Factory, Big Kmart, Walgreen’s||Marshall’s, Century 21||$40-$90||2,000-10,000|
|South Street||Local, hip, trendsetters||Adidas, Whole Foods, Dr. Denim, EModa||The Lite Choice, Serpico, Redwood||$20-$60||2,000-4,000|
|West Philadelphia/University City||Tourists, students, healthcare workers||Eastern Mountain Sports, Penn Brookstone, Shake Shack, Urban Outfitters, Bobby’s Burger Palace, Joe’s||Doc Magrogan’s||$35-$100||2,000-4,000|
|Old City||Local, tourists||Sugarcube, Mr. Bar Stool, Jonathan Adler, Scarlett Alley, Lost & Found, Briar Vintage, Roche Bobois||The Gaslight, High Street on Market||$30-$60||2,000-4,000|
|Passyunk Square||Local, food scene||Sweet Fitness, Metro, Addiction, Urban Jungle||Green Aisle Grocery||$20-$50||800-2,000|
|Fistown/Northern Liberties||Local, food scene, artists||North Bowl, La Colombe Flagship, Super Fresh||Kit and Ace||$20-$25||1,000-5,000|
Data as of April 2016
Over the past 20 years, Philadelphia has developed into one of the country’s most appealing dining destinations. Since 1992 the number of fine-dining restaurants in Center City Philadelphia increased by 322%. World renowned chefs and restaurateurs including Massharu Morimoto, Jose Garces, Steven Starr and Michael Solomonov have all contributed to Philadelphia’s evolving food scene. Historically known for producing some of the best hoagies in the country, Philadelphia’s restaurant landscape has grown substantially into a fully diverse dining mecca. In 2011, Travel & Leisure Magazine ranked Philadelphia as #3 in the U.S. for its “food, drink and restaurants” offerings.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATORS INCLUDING||RENT FOR 2,000 SQFT UNIT|
|Walnut Street||High-end restaurants||Le Bec Fin, Butcher & Singer, Rouge, Alma De Cuba||$85-$150|
|Chestnut Street||Multitude of casual and fine dining options spanning the entire street||Continental Mid-town, Del Frisco’s Double Eagle Steakhouse, R2L, DiBruno Brothers, El Rey||$45-$135|
|Market Street||CBD lunch crowd, national and local chain restaurants||Hard Rock Café, Marathon Grill||$40-$90|
|South Street||Trendy and diverse||Pizzeria Stella, Beau Monde, Brauhaus Schmitz, Supper, Pumpkin||$20-$60|
|West Philadelphia/University City||Students, healthcare professionals, casual or fine dining||Distrito, Bobby’s Burger Palace, City Tap House||$35-$100|
|Old City||Local and tourists, popular food destination||Amada, Continental, Buddakan, Fork||$30-$60|
|Passyunk Square||Local, food scene||Fond, Stateside, Will BYOB||$10-$15|
|Fishtown/Northern Liberties||Local, Food scene, artists||Standard Tap, Frankford Hall, Fette Sau||$20-$25|
Data as of April 2016