Found out today that Chick-Fila is no longer in Liberty Place (King of Prussia: sales, lease)

[moneymkt]

It was said business was bad and they moved which is odd since all the other places are still open in the food court like Subway and Chipotle. Also found out famous daves in South Philly closed down

[Sammy215267]

Ain't no way business was bad. THat place was still always packed during the pandemic. Maybe the rent got too high in Liberty Place or the owner probably did not want to renew their lease or some stuff.

[Angus215]

I work near there, but haven't stepped foot in the area since March of last year, and I'm not the only one. No doubt, Wolf and Kenney's destruction of small businesses, and the riots that were allowed to devastate that part of the city didn't help either.

[cpomp]

Where did they move and when?

[moneymkt]

Originally Posted by cpomp

Where did they move and when?

It wasnt mentioned where they moved too but they left two weeks ago. I still see Subway and Chipotle inside there making money

[rowhomecity]

I am sure their sales were down overall because the weekly office crowd has not returned... but it was still popular and always had people in line.

My guess is the rent was too high. No other explanation and Liberty was not willing to lower it even with the pandemic.

Just another example of high rents driving out business on Chestnut and Walnut. Because lately especially on the weekends, that part of Center City is booming with foot traffic and people. No reason it would of closed other than the high rents... just like 75% of the businesses that have closed on Chestnut and Walnut the past two years.

That is a loss for Center City.... and as I said a while ago. The inexpensive food options are definitely disappearing from Center City.

Not that I eat Chick Fil A on a weekly basis... but it was always a nice option to have for a quick, inexpensive and tasty lunch for like $8.....

That one pizza place by Cava closed next too Liberty...

[cpomp]

Originally Posted by rowhomecity

I am sure their sales were down overall because the weekly office crowd has not returned... but it was still popular and always had people in line.

My guess is the rent was too high. No other explanation and Liberty was not willing to lower it even with the pandemic.

Just another example of high rents driving out business on Chestnut and Walnut. Because lately especially on the weekends, that part of Center City is booming with foot traffic and people. No reason it would of closed other than the high rents... just like 75% of the businesses that have closed on Chestnut and Walnut the past two years.

That is a loss for Center City.... and as I said a while ago. The inexpensive food options are definitely disappearing from Center City.

Not that I eat Chick Fil A on a weekly basis... but it was always a nice option to have for a quick, inexpensive and tasty lunch for like $8.....

That one pizza place by Cava closed next too Liberty...

I agree. Even if business was down Chic Fil A doesn't just close, it had to be some sort of rent issue or landlord issue, but yea it is a shame. I don't really eat Chic Fil a either, but its a solid on the go fast-food place, one less option along a corridor that has been ruined commercially.

[bridge12]

Originally Posted by cpomp

I agree. Even if business was down Chic Fil A doesn't just close, it had to be some sort of rent issue or landlord issue, but yea it is a shame. I don't really eat Chic Fil a either, but its a solid on the go fast-food place, one less option along a corridor that has been ruined commercially.

Chestnut and Walnut street have been absolutely booming the past few weekends in the warm weather. I don't really see that either corridor has been "ruined" commercially. And if anything, this will cause rents to lower somewhat, which will mean we'll get a new opportunity for small and startup businesses to locate here. I'm not trying to downplay what happened during the pandemic and with the summer unrest. It sucked. But I just don't see anything but a positive outlook in the near future.

[rowhomecity]

Originally Posted by bridge12

Chestnut and Walnut street have been absolutely booming the past few weekends in the warm weather. I don't really see that either corridor has been "ruined" commercially. And if anything, this will cause rents to lower somewhat, which will mean we'll get a new opportunity for small and startup businesses to locate here. I'm not trying to downplay what happened during the pandemic and with the summer unrest. It sucked. But I just don't see anything but a positive outlook in the near future.

Yes, I agree foot traffic has been booming..

I guess my point is though. Half of the closures on Chestnut and Walnut occurred Pre Covid.

For example. Zara. That store was ALWAYS packed 7 days a week. And it closed down Pre Covid. Because of greedy landlords.

That is just one example.

When Cole Haan closed I was shocked.. because that was another store that was always packed.

The rents on Walnut and Chestnut are higher than King of Prussia.

So retailers financially find it just doesn't make sense to operate a store because the stores margins are very small, and the sales do not justify such high rents.

If the rents were 30% lower say similar to KOP rents, resulting in the margins being higher.. I doubt you would of seen over half of the number of retailers close over the past two years in Center City.

If all those big name retailers left over the past two years who do you think is going to fill them? Boutiques surely cannot pay those rents. The shocking part is the foot traffic is present. I do not see a resurgence to be honest for at least two years.

I mean the Chick Fil A just closed because of rents and that place was also always busy and it stayed busy during covid....

If stores from American Eagle, Gap, Under Armour, Cole Haan, Zara, Ann Taylor cannot survive due to the high rents and slim margins... and these are all mid level retailers. What do we expect to fill their place???

[cpomp]

Originally Posted by bridge12

Chestnut and Walnut street have been absolutely booming the past few weekends in the warm weather. I don't really see that either corridor has been "ruined" commercially. And if anything, this will cause rents to lower somewhat, which will mean we'll get a new opportunity for small and startup businesses to locate here. I'm not trying to downplay what happened during the pandemic and with the summer unrest. It sucked. But I just don't see anything but a positive outlook in the near future.

Booming with foot traffic, I'm sure, they're always busy streets, but I stand by ruined commercially. Vacancy rates nearing 40%, a large chunk of current retailers are banks and cell phone stores, and the amount of closures from before Covid thru 2021 is astounding.

And if rents haven't lowered by now, they aren't going to, unless the city really steps in, which is a dream.

Of course I share the sentiment of wanting growth and rebirth (I do expect that to some extent), but its still a long way to go. I see the restaurant scene entering a new renaissance for sure though.

And as Rowhomecity said, a good chunk of the issue (even pre-Covid) is unreasonable rents, Walnut/Chestnut cannot sustain that, especially when the same retailer can operate in KoP or Cherry Hill for half the price with twice the revenue. KoP seems to add a new store each week. A shame we don't have city government that can step in and at least attempt to alleviate the problem.