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Retail By City

city rank #71

City Overview

The Philadelphia metropolitan area has a cultural and historical legacy that stretches back three centuries, an indelible foundation for an identity that continues to evolve. Strong economic growth within emerging industries and shifting demographics converged during the past fifteen years to spark an urban renaissance and motivate a reimagining of suburban neighborhoods. Like many cities across the United States, millennials and empty-nesters migrating into city centers kicked off urban revitalization, which is expanding into neighborhoods outside Center City because of building momentum. But Philadelphia’s robust public transportation and easy access to surrounding counties created a spill-over effect in core suburbs, manifesting in places such as Conshohocken and Manayunk which underwent transformative development and demographic shifts during the early 2000’s. This trend continues today in such areas as Phoenixville, King of Prussia and Lansdale.

A deeply historic city, Philadelphia transformed into a modern, live-work-play urban environment since the start of the millennium. From 2012 through 2017, office-employment in the city grew annually by nearly 2.0% and population within the seven-square mile extended Center City region bound by the Schuylkill and Delaware Rivers to the west and east and Girard Avenue and Tasker Street to the north and south added another 21,500 people since the 2010 census by 2018. A growing healthcare and tech sector supported by an expansive higher education infrastructure fostered organic economic and demographic growth within city limits. The influx of people and economic prosperity changed the local and national perception of the city’s culture away from cheesesteaks and Rocky to world-class dining and rich, diverse cultural experiences.

While the city changes, its core remains intact. Reading Terminal Market continues to attract tourists from around the world while the Liberty Bell remains a symbol of the city of Philadelphia. This renaissance did not replace tradition; rather, built upon it. The city’s ascendance as a culinary hotspot is driven by renowned chefs catering to a diverse and curious clientele. Philadelphia’s economic profile that ranges from a population of traditional blue-collar workers to c-suite professionals supports a large range of retailers from luxury brands to mom-and-pop stores. The city’s long historical relevance and world-class arts and entertainment scene attracted more than 43.3 million visitors in 2017, 88% of which were visiting for leisure purposes which resulted in $11.5 billion in economic activity.1

Suburban attractions such as Suburban Square, the Main Line and the country’s largest mall by retail square footage, the newly renovated King of Prussia Mall, continue to attract people from across the region and beyond. Additions such as King of Prussia Towne Center and Uptown Worthington expanded the suburban retail footprint. Elsewhere, towns that had previously stagnated following the manufacturing decline in the region during the post-war era are reinventing themselves as unique destinations. For example, Phoenixville, a town in the midst of revitalization, is now home to seven craft breweries along with historic attractions such as the Colonial Theater. As the metropolitan area continues to grow organically, the region will further enjoy its renaissance.

1. Visit Philadelphia 2018 Annual Report

Things to do

See

Work

Market St, King of Prussia, Malvern, Main Line, Plymouth Meeting, Navy Yard, Conshohocken, Midtown Village, University City, Fort Washington, Moorestown-Mount Laurel-Marlton (3M Market)


Rest

Fairmount Park, Benjamin Franklin Parkway, Boathouse Row, Rittenhouse Square, Independence Hall, Washington Square, the Jersey Shore, Valley Forge, New Hope, Lancaster, Longwood Gardens, South Philadelphia Sports Complex, Penn's Landing


And be seen

Eat

Zahav, Devil Knot, Sampan, Barclay Prime, Butcher & Singer, Laurel, Vernick Food & Drink, Vetri, V Street, Volver, Bing Bing Dim Sum, High Street on Market, Abe Fisher, Amada, Parc, A Kitchen, The Love, Suraya, Oyster House, Townsend, Royal Boucherie, Talula's Garden, Lolita, El Vez, Reading Terminal Market, Italian Market


Drink

Triumph Brewery, Khyber Pass Pub, A Bar, Fountain Porter, Varga Bar, Fergie’s Pub, Heritage, Olde Bar, Randstad Room, Franklin Mortgage, Franford Hall, Yards Brewery, Independence Beer Garden, Monk's Cafe, Time, McGillin's Olde House Ale, Victory, Tired Hands, Royal Izakaya, 


Be Merry

The Kimmel Center, Walnut Street Theatre, Forest Theatre, Academy of Music, The Philadelphia Art Museum, The Barnes Museum, Acadamy of Natural Science, The Franklin Institute, The Constitution Center, Sesame Place, Lego Land in Plymouth Meeting Mall, Lincoln Financial Field, Citizen's Bank Park, XFINITY Live! Philadelphia Distilling, Rittenhouse Square, Franklin Square, Eastern State Pennitentiary, Penn Relays, Made in America Festival, Dad Vail Regatta


Other Cities in United States of America

Contact Us

Robert Walters
50 S 16th Street, Suite 3000
Philadelphia, PA 19102
+1 215 561 8900 | robert.walters@cbre.com