Philadelphia Retail Big Box Report

In the face of economic adversity, the Greater Philadelphia market maintained strong market fundamentals through the second half of 2022. Despite the long-term trend away from traditional large-format retail, specifically department stores, the post-pandemic upswing in demand for desirable big-box space remained prevalent. While some traditional metrics appeared to show minimal activity in the big-box market during the second half of 2022, the reality is that big-box retailers were starved for opportunities, specifically in primary markets where there was little availability and stiff competition from growing retailers.