Center City Reports: Philadelphia Retail
Posted by Center City District on December 7, 2015
The Center City District (CCD) and Central Philadelphia Development Corporation (CPDC) have released Center City Reports: Philadelphia Retail, a look at retail market trends in downtown Philadelphia. The report includes an analysis of retail demand, the results of CCD’s annual retail survey, updated pedestrian traffic counts and a roundup of selected major retail developments in the pipeline.
More than 183,000 residents, 294,000 workers, 3.1 million occupied hotel room nights and 116,000 college students generate more than $1 billion in retail demand. The number of downtown residents has increased 16% since 2000, and millennials entering their peak consumer-spending years represent 40% of this population. Empty-nesters migrating from the suburbs have also positively impacted retail demand.
Increased demand has also caused retail rents in Center City to increase more than most peer cities. Center City’s density, diversity and accessibility create opportunities for retailers seeking to capitalize on changing preferences that are now favoring urban cores in America. Currently, local and national developers are investing $6.7 billion in major projects that are underway or planned for completion within the downtown by 2018.
To download the full report, Click Here [PDF 7 MB].
For a full selection of Center City District reports, visit http://CenterCityPhila.org/about/Publications.php.
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