Philadelphia Retail Figures Report Q1 2023
April 11, 2023 3 Minute Read
After a strong performance throughout 2022, Greater Philadelphia’s retail sector showed continued signs of strength with the overall availability rate in the Philadelphia region falling 110 basis points (bps), year-over-year, to 7.9%. While federal interest rate hikes, inflation, banking turmoil and layoffs dominated the news cycle during the first quarter of 2023, consumer spending remained relatively strong. With the ushering in of spring-time, residents and visitors were eager to get out of the house and attend iconic events such as the Pennsylvania Horticultural Society Flower Show. As the tourism industry rebounded, the market responded to this demand-driver.