Philly Retail Space

Philly Retail SpaceWolf Commercial Real Estate is a premier Philadelphia commercial real estate broker that represents Philly retail space for lease and sale.

We are experts in the Philadelphia retail space market, with a team of seasoned and knowledgeable real estate advisors ready to help you achieve your real estate goals. At Wolf Commercial Real Estate, we go well beyond simply handling property transactions. As an unparalleled Philadelphia commercial real estate broker, we are a strategic partner whose number-one priority is our client’s long-term growth and success in the Philadelphia retail space market.

Retail businesses looking to buy or lease retail space in Philly can be assured that the professionals at our Philadelphia commercial real estate brokerage firm have the expertise to help you find the Philly retail space that best suits your needs. At Wolf Commercial Real Estate, we make certain that the sale or lease terms for your new Philadelphia retail space work to advance your commercial real estate goals. We’re the Philadelphia commercial real estate broker that is with you from the beginning of the transaction to the end, making the transition to your new retail space in Philly smooth and seamless.

Do You Own Philly Retail Space?

Retail property owners looking to sell or lease retail space in Philadelphia will appreciate the defined marketing strategy that the team at our Philadelphia commercial real estate brokerage firm creates and customizes for each property and sub-market. This process works to effectively and efficiently match buyers and tenants with retail space in Philly.

Retail space in Philadelphia is aggressively priced, and market trends show that the retail business in the region is poised for a massive rebound. For more information, please contact the team at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm.

View Our Philly Retail Space Listings

Aldi Readies to Open Long-Awaited Fairmount Avenue Store in Center City

Aldi, the German-based discount grocery chain, is scheduled to open a long-awaited store at 1300 Fairmount Ave. in Center City early next month.

It will join other grocers such as Giant, Acme and Whole Foods that have been expanding in Center City as its population has grown. Amazon is also expected to open a new store at a development proposed for 5th and Spring Garden streets in Philadelphia.

Aldi had signed in the fall of 2018 a long-term lease on 25,427 square feet at 1300 Fairmount but is now occupying 15,000 square feet. Why the store size shrank by roughly 10,000 square feet couldn’t be determined. A spokeswoman wasn’t immediately available for comment.

A New York real estate firm, developed 1300 Fairmount, a $190 million, 14-story, 624,575-square-foot building at the intersection of North Broad Street, Fairmount Avenue and Ridge Avenue. It has 478 apartments and is part of an ongoing renaissance underway along North Broad Street.

The Aldi is scheduled to open Dec. 3 and will be chain’s 11th in the Philadelphia area and part of its strategy to be the third largest grocery retailer in the United States by the end of 2022.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Univest Bank Closing 20% of its Retail Branches

Univest Financial Corp. said it plans to close eight of its 39 retail branches, or 20% of its footprint, as part of an optimization plan that has been accelerated by Covid-19.

Since 2015, the Souderton-based parent of Univest Bank has consolidated 15 locations largely in its traditional home base of Bucks and Montgomery counties while opening 13 locations largely in new markets such as Philadelphia, Lancaster, Berks, Lehigh, York and Cumberland counties.

CEO Jeff Schweitzer said Univest recently looked at its branch footprint and chose to close locations that were within five miles of another as well as analyzing financial metrics and foot traffic for each.

“We looked at deposits,” Schweitzer said. “But we closed some that have a good amount of deposits because we felt there was more potential for growth in other locations.”

Univest (NASDAQ: UVSP) will incur a one-time, pre-tax cost of $1.7 million, which will primarily be recognized in the fourth quarter of 2020. The estimated pre-tax annualized savings will be approximately $2.4 million.

The closures will take place in two phases with the pruning largely being conducted within the bank’s traditional footprint.

On Jan. 29, 2021:

    • 10 W. Broad St., Souderton — This location will have lobby access permanently closed with the exception of appointment-based access to safe deposit boxes. The night drop and ATM will also remain.
    • 415 Main St., Schwenksville – Will be closed.
    • 1041 York Road, Warminster – Lobby access will be closed, while drive-thru access, the ATM and night drop will remain. In addition, once renovations are complete, personnel from the bank’s subsidiary, Univest Capital, will be relocated from their current location in Bensalem to Warminster. This location was inherited in the 2016 acquisition of Fox Chase Bancorp.
    • 1 Fitzwatertown Road, Willow Grove – Will be closed. This location was inherited in the 2016 acquisition of Fox Chase Bancorp.

On June 30, 2021:

    • 191 W. State St., Doylestown – Will be closed with staff and operational capability being relocated to the bank’s existing Bucks regional office in Doylestown.
    • 23 W. Highland Ave., Chestnut Hill – Will be closed. This location was inherited in the 2015 acquisition of Valley Green Bank.
    • 5829 Easton Road, Plumsteadville – Will be closed.
    • 545 Constitution Ave., Perkasie – Will be closed.

Schweitzer said Covid-19 accelerated the existing trend away from brick-and-mortar branching and toward online and mobile options. He said in-branch transactions are down 21% from 2019. At the same time, Univest has invested in several new digital offerings and unveiled them to customers over the past year:

    • Secure Chat – 41% of service center customer contact now occurs through this chat function unveiled last year.
    • MyCard Rules – Gives customers more control over their debit cards, including merchant and spending categories.
    • Money Manager – Personal financial management tool unveiled on June 30, which provides functionality such as spending category tracking, aggregated account views and a net worth summary; more than 3,450 customers are utilizing the tool without awareness raised by marketing.
    • OpenAnywhere – Digital deposit account opening system launched on July 17 that allows customers the ability to open consumer checking and savings accounts and to transact against their account immediately. The bank said it has opened 257 new accounts so far, 22% of which were new customers, without the benefit of marketing.
    • Zelle – A person-to-person payment mechanism similar to Venmo will be added to the bank’s mobile app in November.

While the $6 billion-asset Univest has been consolidating numerous branches, it still has plans to open new ones — with the focus on its westward expansion. In the works are locations in West Lawn, York and Mechanicsburg.

The pace of bank branch closings has picked up significantly during the pandemic. Between annual FDIC reports on June 30, 2019 and June 30, 2020, there were just over 2,642 U.S. bank branch closures and nearly 1,179 new branch openings for a net decline of 1,463 branches. Both the number of closures and the number of new branches are the highest in the last 10 years, and several banks with major Philadelphia-area operations are the most avid consolidators.

Wells Fargo Bank is in the process of closing hundreds of branches as part of a broader cost-cutting program. PNC Bank is undergoing a similar transformation. Several of Univest’s regional bank peers have engaged in similar strategies. Fulton Bank recently announced plans to cut 10% of its footprint.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

ACME Markets Opens New Store at 40th and Walnut

ACME Markets, a Philadelphia based company, has opened its newest store at 40th and Walnut (former Fresh Grocer location) this morning.

Here are some more details on what the new store includes:

  • A Deli department featuring such meal solutions as sushi, Poke bowls, Asian hot bar, focaccia pizza, BBQ station, and ACME’s first ever Sally the Robot salad station
    • A full-service Butcher Block featuring fresh cut meats prepared daily by on-site butchers and a full-service seafood department
    • A bakery with freshly made pastries, hot Italian bread, cookies, and cakes for special occasions
    • Natural, organic, and gluten-free products throughout the store
    • A beer and wine section, featuring local craft beer options
    • In-store Starbucks

The store is open daily from 6 a.m. – 11 p.m.

Individuals interested in staff positions at the new store, can apply here.

A virtual ribbon-cutting ceremony for the new store was held on Thursday. At the ceremony, the ACME Markets Foundation donated $50,000 ($10,000 per organization) to several organizations fighting hunger and supporting the West Philadelphia community: Share Food Program, Greater Philadelphia Coalition Against Hunger, Netter Center for Community Partnerships, Together for West Philadelphia, and Philadelphia School District Home & School Council.

*Articles Courtesy of West Philly Local

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Five Below Bucks Retail Trends as it Opens Dozens of New Stores, Remodels Others

As many retailers struggle during the pandemic and against online competition, Five Below Inc. has defied both challenges and has seen sales rise, new stores open and its share price climb back up to pre-pandemic levels.

The Philadelphia-based discount retailer opened a record 63 new stores in the second quarter and by the end of the year expects to have a total of 1,020 stores in its portfolio. That’s up from 900 it had at the beginning of the year.

The company is also spending heavily to remodel some of its older stores to reflect changes brought on by the pandemic, what its target consumer — tweens and teens — wants these days and areas where it sees growth. Think gaming, nesting and “snarky” T-shirts.

The company most recently completed a two-week renovation to its 13,000-square-foot store at 1529 Chestnut St. in Center City, which is its among its largest. The company opened the location in September 2015 and will hold a toned down grand re-opening of the store this Friday.

While the cost of fitting out a new store is about $300,000, company officials declined to divulge how much a remodeling job costs.

In a recent CNBC interview, CEO Joel Anderson said that the retailer “is about being a little snarky, catering to kids and having a great time when you come to store.”

The renovated Chestnut Street store reflects all of that. The store has new graphics that capture its home of Philadelphia, brighter lighting as well as new displays and check out registers that are six-feet apart. A constant drone of up beat music adds to the shopping experience.

The renovated store has expanded several departments that are selling well these says such as T-shirts and beauty. “Casual wear has been great for us and tough for others,” said George Hill, executive vice president of retail operations for the company.

Mainstays such as books, basketballs and other toys remain. It has bulked up on items that cater to school and work from home, such as risers for desks and stay-at-home items such as blankets, room décor, puzzles, games and crafts. There are also other pandemic-related products such as masks and hand sanitizer. Pet items, such as wipes, beds and shampoos, also take up more shelf space than before in a reflection of more people owning pets during the coronavirus outbreak.

While it always had an expansive candy selection, Five Below (NASDAQ: FIVE) is delving deeper into providing a larger line of grocery-related products including snacks items such as cheese balls and pistachios along with grab-and-go food such as ramen and cereals.

 

While its founding strategy was to sell items for $5 or less, it has expanded that into what it calls “Five Beyond,” which are items sold for $10 or less. It tested the concept out in 25 stores over the last couple of years. Customers suggested that they preferred they didn’t mind paying more than $5 for an item but wanted those products in a separate, designated section.

At the Chestnut Street store, Five Beyond products are on the second floor and part of the company’s expansion into gaming products that also compliment the company’s foray into esports and its partnership with Nerd Street Gamers. Last week, Nerd Street Gamers opened the first of its Localhost locations in Five Below stores in Philadelphia and Texas, with plans for a third near St. Louis.

Localhosts are an esports venue where people can train, compete in tournaments or play video games casually. The Philadelphia location is inside a Five Below store in the Bakers Centre shopping center in East Falls.

Five Below is also launching an exclusive line of what is calling Bugha products that is part of its partnership with Kyle “Bugha” Giersdorf, winner of the Fortnite World Cup. Those products will be available online this week and eventually put in stores nationwide.

The remodels, new stores and products have bolstered its bottomline in spite of the pandemic. When the company reported fiscal second quarter results last month, it saw sales increase by 2.1% to $426.1 million from $417.4 million in the same period a year ago. However, comparable stores sales — locations opened at least a year — decreased by 12.2% as a result of all of its stores closing as part of the pandemic-related shutdown over the spring. Though its shoppers aren’t frequenting its stores as often as they used to, they are buying more items on each trip.

Income rose to 53 cents a share, up from 51 cents in the second quarter of fiscal 2019. The company’s stock closed on Oct. 20 at $134.90 a share. In mid-March, it had been at around $52 a share, having started the year at $127.65.

All of which appears to be an anomaly in these times when retailers are either filing for bankruptcy or shuttering stores.

“This time we’re in right now, parents and families are all living in a different situation and they are looking for a place to save money, have a great experience and be in a safe environment and I think we’re doing all three for them,” Anderson said on CNBC.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Retail Space for Lease in South Philadelphia

Wolf Commercial Real Estate, the foremost Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, now is offering premier Philly retail space for lease at 925-927 South Ninth Street Philadelphia PA.

This Philly retail building for lease has an excellent location in the heart of the city’s iconic Italian Market across from outdoor seating and gourmet shops and this Philly retail space for lease is a corner property with highly visible signage.

The asking lease price for this retail space in Philly at 925-927 South Ninth Street Philadelphia PA is $28.00/sf NNN. This retail space in Philly is available for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

There is a total of 2,388 square feet of Philly retail space for lease at this Philly retail building for lease at 925-927 South Ninth Street Philadelphia PA. This retail space in Philly is available for immediate occupancy and there is both first floor and basement space available at this retail space in Philly.

This retail building for lease in Philly is across from several well-known businesses such as DiBruno Bros. This retail space in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Nearly 45,000 potential customers live within one mile of this Philly retail space for lease at 925-927 South Ninth Street Philadelphia PA and the average household income within that same radius of this retail space in Philly is $74,055.

For more information about this Philly retail space for lease at 925-927 South Ninth Street Philadelphia PA or about any other Philly commercial properties for sale or lease, please contact Phil Costa (215-799-6195; phil.costa@wolfcre.com) or Ryan Barikian (856-857-6307; ryan.barikian@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for lease or sale through our Philly commercial real estate brokerage firm.

Wine, Beer, Barbecue and ‘Sally the Robot’: Acme Readies New Grocery Store in University City

A flurry of activity was underway this week in preparation for the opening of a new Acme at 40th and Walnut streets in the University City neighborhood of Philadelphia.

Three years ago, Acme Markets signed a long-term lease with the University of Pennsylvania on 34,500 square feet that had once been occupied by Fresh Grocer, a brand operated by ShopRite, which is a division of Wakefern Food Corp.

Acme has spent several million dollars — the company declined to be more specific — to prepare the space at 4001 Walnut St. for shoppers amid a pandemic and changing consumer buying habits. The store reflects both of those situations as well as the neighborhood in which it is located. It officially opens Oct. 23.

The space that serves as the actual store is about 20,000 square feet, which is much smaller than a typical Acme that comes in at between 45,000 to 50,000 square feet. About 200 employees, most part-time, will work at the University City location.

The new location gives Acme an opportunity to pilot an expanded prepared foods and deli area that will include new items to the grocery chain including five varieties of poke bowls, sushi party platters, barbecue dishes such as brisket and pulled pork, focaccia pizza, and hoagies.

“We try to meet every single customer and really take care of the community,” said Angie Marshall, deli sales manager. In University City, that means providing items that appeal to students as well as families.

Because of the coronavirus, grocery stores such as Acme have eliminated self-serve buffet stations and are finding alternative ways to provide customers with prepared foods that are packaged or served by an employee. When it comes to salads, Acme is testing out what is being called “Sally the Robot.”

“It is a solution to the salad bar that no one wants to do because of Covid,” said Jim Perkins, Mid-Atlantic division president of Albertsons Cos., which owns Acme, and executive vice president of retail operations.

The devices contain 21 different items including romaine lettuce, spinach, quinoa red peppers and three different types of dressing that a person can select to make a salad.

Based on some of its research of what sold at the Fresh Grocer, Acme knew better than to put in a large display of ready-made cakes – though it will make them for customers. It also knew to bulk up on the deli, grab-and-go food items, snacks, produce and dairy but back off on meat and cooking ingredients. It added a floral department.

Acme bought a liquor license for the store and will sell beer and wine, though, as Perkins points out, that doesn’t compensate for softening sales of sodas and other sugary drinks as a result of the Philadelphia soda tax. A Starbucks kiosk will also operate from the new store.

Acme routinely looks for opportunities to open new stores, though it has also been closing locations throughout the region. If the company closes a store, then it wasn’t making money, Perkins said. “It’s all a financial equation,” he said.

The company has been renovating the stores it is retaining and will spend $20 million this year on remodeling locations. It so far has finished renovating 164 stories and, after this year, will have fewer than 50 to tackle.

One of those locations that will get an overhaul is at 5th and Pine streets in the Society Hill neighborhood of Philadelphia. It is the chain’s smallest location at about 7,000 square feet of store space. Acme will address that location next year with a total interior renovation that will require it to close for nine to 10 weeks. It will get a new layout as well as a liquor license that will enable it to sell beer and wine.

“That will be extremely fast,” Perkins said. “Closing it is the safest and easiest way to do it.”

While shelves were being stocked at the new University City location this week, there were signs that the pandemic is still affecting the availability of some products such as household cleaners and some frozen food items. Spaces where those products would otherwise go were empty, waiting until they become available again. “There are still about 500 items you can’t get,” Perkins said.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Gap to Close Two-Story Center City Store After More Than 20 Years

Gap Inc. is vacating its store at 1510 Walnut St. in Center City and laying off 32 employees as a result of the closure, according to a Worker Adjustment and Retraining Notification filed with the Pennsylvania Department of Labor and Industry.

Gap has been a Walnut Street mainstay, having been in space on the street for two decades. In that span, Walnut Street became Center City’s most expensive retail corridor. It was also a period in which Gap saw its rise as a trendy, preppy retailer that was catapulted into popularity with catchy commercials such as the “Khaki Swing.”

In August, Gap said it would close more than 225 Gap and Banana Republic stores amid a wave of other retailers indicating they would also shutter hundreds of stores or file bankruptcy.

The vacancy comes as Walnut and Chestnut streets have suffered from a precipitous decline in retail demand that has been compounded by the pandemic and civil unrest at the end of May that led to looting and damage to stores.

Gap (NYSE: GPS) first moved to the location when it consolidated its Gap Kids and Gap located in the 1700 block of Walnut into a single store. Gartner said he is seeing some interest in the space by single and multiple tenants.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Amazon Grocery Store Coming to Northern Liberties Project

Amazon.com Inc. has signed a lease for one of its new grocery stores in the Northern Liberties neighborhood of Philadelphia, according to sources familiar with the deal.

The online retailer has taken 40,000 square feet of 60,000 square feet that is proposed for a new apartment complex at 5th and Spring Garden streets, the sources says. The project calls for a 13-story building with 382 apartments and underground parking with 206 spaces, according to plans filed earlier this year with Philadelphia’s Civic Design Review. The retail portion that Amazon would anchor faces 6th Street at Spring Garden, the plans show.

Officials at Amazon could not immediately be reached for comment. The project at 5th and Spring Garden would rise on a site that involved five different owners and took six months to negotiate.

In its ongoing quest to expand its grocery footprint beyond Whole Foods, Amazon has narrowed down two other locations in the Philadelphia suburbs for its new chain of stores. The two locations that Amazon (NASDAQ: AMZN) has zeroed in are in Bucks County. One deal has Amazon leasing 36,000 square feet of a 49,000-square-foot former Giant at Creekview Center off Easton Road in Warrington. Another site is 41,000 square feet of a former Kmart at the Brookwood Shopping Center on Street Road in Bensalem.

Amazon been experimenting with a grocery concept that is different from its Whole Foods chain and unlike its Amazon Go, which is more like a convenience store with no cashier and more like a traditional grocery.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Boyds Retail Rebuilds After Looting Damages Store and Plans a Suburban Outpost for the First Time in 83 Years

Kent Gushner was at home the evening protests turned into looting, violence and vandalism in Center City. He watched the scene unfold from security cameras installed at Boyds, one of Philadelphia’s oldest and vaunted retailers.

Glass doors and windows from his family-owned store at 1818 Chestnut St. were broken and marauders plundered any items they could get their hands on. “I was watching this in real time,” Gushner said.

Aside from the stolen merchandise, the three floors that make up the store suffered millions of dollars in damage. There was blood splattered on the carpeting and little could be salvaged.

“It was a crime scene,” he said. “The city’s handling of the civil unrest was abominable and completely unacceptable. It was very angering to me but even more angering was that I never heard from anyone in the city government. Not a word. Zippo.”

Gushner re-opened Boyds on Sept. 16, six months after he had closed because of the pandemic and government shut down orders. He, like other retailers and businesses, was preparing to open at the beginning of June, eager to make up for some lost ground when the protests and looting took place. It set not only the store back but also Philadelphia, he said.

That Gushner decided to re-open in Center City came after a lot of soul searching. For the first time, the third-generation owner of Boyd’s entertained moving the storied, 83-year old retailer out of Philadelphia.

Gushner, who isn’t one to make the situation a political commentary, said he was finally able to speak with Mayor Jim Kenney about his concerns and his worry not only for him but other retailers and the city on a whole. “I could go on and on about my emotions but I finally landed at a place where I felt comfortable,” he said. “We made a decision to stay and rebuild.”

Though that’s the case, Gushner has decided to dip Boyds into the suburbs. The retailer signed a three-month lease to occupy the former Urban Outfitters space at Suburban Square in Ardmore. This is the first time Boyds will have a second location and a presence in the suburbs.

“Some people think we’re crazy but I’d rather try and fail than not try at all,” he said of the pop up location.

In his quest to find the right location, Gushner looked at King of Prussia Mall, King of Prussia Town Center and Wayne before settling on Suburban Square. The store will be open at the beginning of October and run until January, when he will evaluate the situation.

The Ardmore location serves two purposes, Gushner said. It allows Boyds to attract and follow clients who are living in the suburbs and not coming into Center City for work or weekend excursions. It is also a test run for a permanent, second location in the suburbs. A migration of residents, particularly millennials having children, out of Center City had started but picked up during the pandemic as people began looking for more space and their own private yards.

In the time Boyds has been closed, Gushner and his team began to re-evaluate every aspect of the business. The company completed in 2019 a $10 million renovation to the 70,000-square-foot landmark building as it sought to position itself for the future. The damage that was caused by the looting made the investment all the more disheartening.

Looking to the future, everything was put under a microscope. Demand for fashion has changed during the pandemic, which accelerated some trends already underway. While Boyds had already begun to including more lines of casual clothes before, it intends to bolster its offerings to meet the current situation of people not dressing up for work or events and holding Zoom meetings in the comfort of their homes.

The company is expanding in other areas. It intends to hire someone to head up a new outside sales division that will serve customers in their homes or offices. Boyds intends to also bolster its in-store personal shopping services. To that end, it built out a private area on the fourth floor where a customer can go before the store opens to the public at 11 a.m. and try on clothes and get assistance in selecting items.

The retailer also plans to improve the skills of its sales staff to sell merchandise virtually in what Gushner calls a hybrid of e-commerce and traditional shopping.

“In a weird way, I believe our business has more potential to grow in other ways rather than through e-commerce,” he said. “We are experts in personal commerce.”

In other words, taking care of existing customers, who are loyal, and attracting new ones is the mainstay to its business strategy.

Being small is allowing Boyds to be nimble and adapt quickly to meet the times and customers’ needs, Gushner said. Surveys it conducted during the pandemic indicated that Boyds’ clients would rather shop smaller — not in an enclosed mall — and local where they felt it was safer.

“That gave me a road map,” he said. “Our business model is going to serve us well and when it’s over, I think we are going to grow exponentially.”

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

 

Premier Philly Retail Space for Sale in Langhorne PA

Wolf Commercial Real Estate, a leading Philly commercial real estate broker, is now offering premier Philly retail space for sale at 1223 West Lincoln Highway Langhorne PA.

The asking sale price for this Philly retail space is $1,200,000. This Philly retail space is available through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This retail space in Philly at 1223 West Lincoln Highway Langhorne PA is the current home of Del-Val Tile, a generational business, and the owners will consider a short-term sale leaseback of this Philly retail space at 1223 West Lincoln Highway Langhorne PA.

Sitting on 1.23 acres of land, there is 11,196 square feet of Philly retail space available for sale at 1223 West Lincoln Highway Langhorne PA. This retail space in Philly is located off Route 1 and is minutes away from I-295 and I-276. This Philly retail space also offers easy access to New Jersey bridges.

This Philly retail space for sale through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is midway between Princeton NJ and Philadelphia.

For more information about this Philly retail space for sale at 1223 West Lincoln Highway Langhorne PA or about any other Philly commercial properties for sale or lease, please contact Ty Martin (215-799-6144; ty.martin@wolfcre.com) or Sean Kelly (215-799-6146; sean.kelly@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail spaces and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for sale or lease through our Philly commercial real estate brokerage firm.