Report: Philadelphia’s Center City Retail Is Being Decimated By The Pandemic. ‘It’s Horrible.’
The empty storefronts tell the story. The 1700 block of Walnut Street, known for its luxury retailers, is hollowed out. About 50% of the businesses that once occupied the premium retail storefronts near tony Rittenhouse Square are shuttered. Zara, H&M and Talbots. Ann Taylor, Stuart Weitzman, and ALDO are all gone, victims of the pandemic. And more closings are expected, according to a report issued Thursday by JLL, a multinational commercial real estate services company. The 1400 block of Walnut also is suffering. That strip, just off Broad Street, has a 33% occupancy rate that increased when Tiffany & Co., the exclusive blue box jeweler, moved to new quarters three blocks to the west. Read more at The Philadelphia Inquirer.