Retail coming to Philadelphia (Reading, Rochester: conservative, daughter, fit in)

[Redddog]

Originally Posted by mphilly

That is really unfortunate. One step forward, one step back right now.

Two steps back.

[Duderino]

Originally Posted by Redddog

Two steps back.

It's clear that urban retail is really trying to finds its next chapter, so it's in a holding pattern. Even so, commercial vacancy seems to be at least steady in Center City, if not very incrementally decreasing. The larger spaces are certainly tough to backfill--no doubt about it.

I think we need to see a lot more landlords begin to relent and reduce their rents to encourage more small business entrepreneurship in Center City.

It's the only way forward if so many chains are going to be so fickle and non-committal. In fact, it could really drive more inward wealth for the city. Time to start being much more creative and making more lemonade out lemons.

[Redddog]

Originally Posted by Duderino

It's clear that urban retail is really trying to finds its next chapter, so it's in a holding pattern. Even so, commercial vacancy seems to be at least steady in Center City, if not very incrementally decreasing. The larger spaces are certainly tough to backfill--no doubt about it.

I think we need to see a lot more landlords begin to relent and reduce their rents to encourage more small business entrepreneurship in Center City.

It's the only way forward if so many chains are going to be so fickle and non-committal. In fact, it could really drive more inward wealth for the city. Time to start being much more creative and making more lemonade out lemons.

It seems like landlords would much rather sit on a vacancy than commit to a lower rate for a long-term rental. It's amazing to me.

[cpomp]

Originally Posted by Duderino

It's clear that urban retail is really trying to finds its next chapter, so it's in a holding pattern. Even so, commercial vacancy seems to be at least steady in Center City, if not very incrementally decreasing. The larger spaces are certainly tough to backfill--no doubt about it.

I think we need to see a lot more landlords begin to relent and reduce their rents to encourage more small business entrepreneurship in Center City.

It's the only way forward if so many chains are going to be so fickle and non-committal. In fact, it could really drive more inward wealth for the city. Time to start being much more creative and making more lemonade out lemons.

But still a blow to lose a retailer that has been open for almost 20 years, and will likely be replaced with a less desirable/useful retailer or another bar/game venue, and another big vacancy for a meh stretch of Chestnut. There aren't many home stores in Center City, just CB2 and the third floor of Macy's.

But if West Elm wants to be in Center City, they will find another store. But that is what everyone said about Williams Sonoma when it closed last year.

[Redddog]

Originally Posted by cpomp

But still a blow to lose a retailer that has been open for almost 20 years, and will likely be replaced with a less desirable/useful retailer or another bar/game venue, and another big vacancy for a meh stretch of Chestnut. There aren't many home stores in Center City, just CB2 and the third floor of Macy's.

But if West Elm wants to be in Center City, they will find another store. But that is what everyone said about Williams Sonoma when it closed last year.

I was in that Macy's this weekend. I give it maybe 2 more years before they announce that closing.

[mphilly]

Originally Posted by Redddog

I was in that Macy's this weekend. I give it maybe 2 more years before they announce that closing.

Agreed, I’m already dreading the announcement and wall to wall coverage of the city being dead.

[Duderino]

Originally Posted by cpomp

But still a blow to lose a retailer that has been open for almost 20 years, and will likely be replaced with a less desirable/useful retailer or another bar/game venue, and another big vacancy for a meh stretch of Chestnut. There aren't many home stores in Center City, just CB2 and the third floor of Macy's.

But if West Elm wants to be in Center City, they will find another store. But that is what everyone said about Williams Sonoma when it closed last year.

I definitely understand what you're saying. It's the last thing Chestnut needs right now.

But I'm also just super perplexed by a potential closure of store like West Elm for a number of reasons: 1) I'm willing to bet office commuters/tourists were always a small fraction of its business, so it's not like having less of those folks around would've made a huge dent; 2) its products are large furnishings/home goods, so it's much less susceptible to retail theft; 3) residential population in Center City has only continued to increase. They need to fill their apartments/condos with something.

Are folks in Philly just overwhelmingly opting for online sales now, or heading to Ikea, for furniture? It just doesn't add up at all.

[Pennsport]

Originally Posted by Duderino

I definitely understand what you're saying. It's the last thing Chestnut needs right now.

But I'm also just super perplexed by a potential closure of store like West Elm for a number of reasons: 1) I'm willing to bet office commuters/tourists were always a small fraction of its business, so it's not like having less of those folks around would've made a huge dent; 2) its products are large furnishings/home goods, so it's much less susceptible to retail theft; 3) residential population in Center City has only continued to increase. They need to fill their apartments/condos with something.

Are folks in Philly just overwhelmingly opting for online sales now, or heading to Ikea, for furniture? It just doesn't add up at all.

People in general just order everything online and have it delivered now. I haven't stepped foot in a retail store for clothing or furniture or other household goods since before COVID and I think that's not unusual. I bought my first house bedroom set from that West Elm store, but that a long time ago and online ordering and shipping was nothing like it is today. The only stores I would even considering visiting at this point are Home Depot (obviously need tools and supplies for house projects and fixes) and Ikea (I can leave with a boxed couch or dresser or whatever it is I needed, and it will actually fit in my car since it's all deconstructed.

You can go to West Elm online, view a dozen pictures of the piece you are considering, get the exact dimensions and then google images of it and see what it actually looks in other peoples' homes. What do you need to go to West Elm in person for these days, or really any other store for that matter?

[JamesJay64]

Originally Posted by mphilly

Agreed, I’m already dreading the announcement and wall to wall coverage of the city being dead.

Not that they have to stay open, but the Macy's lease does go through 2027 I believe. I know the retail landscape is changing but I had always heard this was one of their most profitable stores?

Maybe we can get a Wegman's like in Manhattan: https://www.wegmans.com/news-media/p...store-in-2023/

[MarketStEl]

Originally Posted by JamesJay64

Not that they have to stay open, but the Macy's lease does go through 2027 I believe. I know the retail landscape is changing but I had always heard this was one of their most profitable stores?

Maybe we can get a Wegman's like in Manhattan: https://www.wegmans.com/news-media/p...store-in-2023/

My attitude on that subject is "Who needs Wegmans when you have the Reading Terminal Market?", but I'm also a former RTM poster boy (during a marketing campaign featuring faces of regular RTM shoppers in the mid-2000s).

Even so, a market like that tends to reduce the need for megastore supermarkets, no matter how dazzling. You can't get housewares, small appliances and domestics at the RTM, though, I will grant.