PREIT has sold a Whole Foods-leased parcel at Plymouth Meeting Mall for $27 million, part of the Philadelphia real estate investment trust’s ongoing plan to raise capital. The buyer was Agree Realty (NYSE: ADC), a REIT based in Bloomfield Hills, Michigan. Since the beginning of 2022, PREIT has sold assets generating $141 million. Asset sales… Read more »
Eyes Gallery has sold its original home to neighboring Jim’s Steaks, another iconic South Street establishment. Both small businesses were devastated by a July 2022 fire that originated in electrical wiring at Jim’s. The cheesesteak spot, which recently shared plans for rebuilding, will expand into the former gallery next door, according to Eyes Gallery owner Julia Zagar… Read more »
Five Below Inc. said it plans to open more than 200 new stores in 2023 and convert 400 stores to its “Five Beyond” format, which features items priced above its traditional $5 threshold. The Philadelphia-based discount retailer revealed its 2023 expansion plans on Monday as it reported that net sales for the holiday season from… Read more »
Wawa plans to open a technology hub at the site of one of its recently shuttered Center City locations, CEO Chris Gheysens said Friday. Gheysens made the announcement during a panel discussion at the Chamber of Commerce for Greater Philadelphia’s 2023 Economic Outlook event. He told the Business Journal that the Delaware County convenience store chain’s space… Read more »
A national luxury mattress retailer is coming to Center City. Saatva, based in New York, will debut its ninth retail viewing room at 1712 Walnut St. in Rittenhouse Square on Feb. 13. The location was previously home to a Wells Fargo Bank branch. The e-commerce brand, founded in 2010, sells mattresses, bedding and other bedroom… Read more »
The rebuild of Jim’s Steaks on South Street has finally begun after the building was damaged by a fire in July, and the almost 47-year-old Philadelphia cheesesteak shop is targeting a Labor Day weekend reopening. After teasing the new blueprints for the building via Twitter last week, President Ken Silver told the Business Journal Jim’s is currently in the interior demolition… Read more »
If Texans aren’t sure what a hoagie is, they’ll soon find out. PrimoHoagies announced plans to expand its franchise locations in 2023 not only to the north and south, but to the west, as well. The company, which started in South Philly but is now based in Gloucester County, said stores would open in five… Read more »
Despite a continued drop in office workers compared to pre-pandemic levels, retail in Philadelphia made strides in 2022. As of September, 80.5% of retail storefronts were occupied within the Center City District. That put 2022 on pace to become the second consecutive year of net positive openings, according to the district. It also means occupancy… Read more »
The Marshalls at 1044 Market St. is closing, leaving another empty storefront along an increasingly vacant stretch in the heart of Market East. The department store will shutter on January 14, according to a spokesperson for TJX, the chain’s parent company. The nearby T.J. Maxx at 1130 Market St., also a part of TJX brands,… Read more »
Urbanspace, a New York-based developer of public markets, plans to open a food hall at the Schuylkill Yards development in University City next year. The venue is expected to open in fall 2023 and will feature 16 food and beverage vendors, including concepts both local to Philadelphia and from Urbanspace’s national portfolio. No vendors have… Read more »
