New retailers capitalize on attractive trends in Philadelphia

One of the most visible outcomes of the pandemic are the large number of vacant storefronts in cities and towns across the U.S. However, as the economy has improved and lockdowns have lifted, these vacancies are creating new opportunities for retailers and restaurants. This trend is evident in Center City and adjacent neighborhoods, where strong demographic trends and housing development attracted a notable number of new concepts and new-to-market retailers to the Philadelphia market. Previously-occupied stores vacated during the pandemic created opportunities for new businesses to draw on the disposable income of residents in Center City and popular neighborhoods like Fishtown/Northern Liberties. Over 35 new concepts have opened or announced their entry into the market since 2020, with over 40% coming from the food and beverage sector with most of the concentration within these urban locations.