Giant Co. is closing its Heirloom Market grocery store in Center City’s Fashion District on Dec. 28, three years after its opening, according to a state filing. The 32,000-square-foot store at 801 Market St., which employs 61 people, was the largest of Giant’s four Heirloom locations in Philadelphia. Opened in December 2021 in the historic… Read more »
A U.S. bankruptcy judge has approved TGI Fridays’ plan to exit 78 restaurant leases and its Dallas headquarters office lease, saving the chain about $1.4 million per month. This move follows the closure of several locations and TGI Fridays’ Chapter 11 filing due to financial struggles linked to the pandemic and its capital structure. The… Read more »
To revitalize its offerings, Reading Terminal Market is launching shorter leasing options for new merchants. The historic market, one of the largest and oldest in America, is reinstating its day cart program and plans to pilot a short-term lease option within the next year, according to CEO Annie Allman. These initiatives are part of Reading… Read more »
Despite a steady construction pipeline in recent years, retail development in the Philadelphia area has reached a new low in 2024. With just one quarter remaining, the year is on pace to have the fewest retail construction starts in decades, mirroring a nationwide trend. Only 200,000 square feet of retail space has broken ground in… Read more »
Temple University has purchased a shopping center on North Broad Street near its health system campus, with potential plans to add medical offices. The university paid $8.2 million to Overbrook Investment Properties LLC for the 45,290-square-foot retail property, according to property records. The site is fully occupied, except for an 11,447-square-foot former Rite Aid. Located… Read more »
A long-vacant 25.5-acre site in Delaware County, approved for 165,000 square feet of retail space, is changing hands. Moorestown, New Jersey-based Retail Sites is set to acquire the parcel at Route 202 and Ridge Road near Glen Mills and Chadds Ford from Newport, Delaware-based developer Pettinaro Co. Retail Sites plans to invest between $50 million… Read more »
Haverford Retail Partners (haverfordretail.com), a Bryn Mawr, PA-based owner and operator of retail real estate investments, has expanded its portfolio with the acquisition of Springfield Center, a prominent 176,698-square-foot retail property. The fully leased center is home to eight national and regional tenants, including Barnes & Noble, DSW, Marshall’s, and Bob’s Discount Furniture. “We’re excited… Read more »
Bank of America plans to open 165 new U.S. branches by the end of 2026, including five in the Philadelphia region. Nearly 40 of these locations are expected to open by the end of this year. According to spokesman Andy Aldridge, the bank will open branches at 3843 West Chester Pike in Newtown Square and… Read more »
A Washington D.C.-based restaurant group is expanding into Philadelphia. Knead Hospitality + Design plans to open a location of its Mexican restaurant, Mi Vida, in a ground-floor space at 1100 Ludlow St. in Center City, the group confirmed to the Business Journal. The building is part of National Real Estate Development’s $1 billion East Market… Read more »
As construction on the next buildings at Schuylkill Yards awaits optimal timing, Brandywine Realty Trust is ramping up its focus on expanding retail at the University City master-planned development. “Retail is really where we’re focused,” said Jeff DeVuono, Managing Director for Brandywine Realty Trust’s Pennsylvania region. “That’s the area where we’re currently lacking. We’re not… Read more »
