PREIT successfully emerges from bankruptcy protection for the second time since 2020 and undergoes a transition to private ownership. The Philadelphia-based company confronted over $1 billion in looming debt when it filed for bankruptcy in December. Nonetheless, through a pre-packaged reorganization plan, the debt has been eliminated, accompanied by the establishment of a new ownership… Read more »
Next month, six Family Dollar stores in Philadelphia will shutter their doors. This local closure follows the recent announcement by Dollar Tree, the parent company of Family Dollar, revealing plans to close nearly 1,000 stores, with approximately 600 Family Dollar locations slated for closure in the first half of this year. Michael Atcovitz, vice president… Read more »
Netflix, the renowned streaming platform, is embarking on a novel endeavor to revitalize a vacant Lord & Taylor store, marking one of its initial ventures into physical entertainment venues. This initiative reflects a growing trend of repurposing obsolete department store mall locations across the nation. Headquartered in Los Gatos, California, Netflix intends to convert the… Read more »
Netflix has set its sights on Philadelphia as one of the inaugural sites for its innovative retail, dining, and live entertainment venture. The entertainment giant intends to establish a Netflix House within the former Lord & Taylor space at the prestigious King of Prussia Mall. This brick-and-mortar concept is designed to fully immerse visitors in… Read more »
Another Wawa store in Philadelphia is shutting its doors. A spokesperson for the Delaware County convenience store and gas station chain confirmed to the Business Journal that Wawa did not receive a lease renewal offer for its location at 2000 Hamilton St., near Fairmount and the Philadelphia Museum of Art. The company declined to provide… Read more »
Nike Inc. is set to open a Michael Jordan-branded store, Jordan World of Flight, at 1617 Walnut St. in Rittenhouse Square, Philadelphia. Spanning 7,000 square feet, this retail concept debuted in Milan in December 2022, aiming to be the future destination for celebrating the legacy and future of basketball culture. *Article courtesy Philadelphia Business Journal… Read more »
Twin Peaks Restaurant has recently entered into an area development agreement with local entrepreneur Joe Nolan, marking its foray into the Philadelphia market. The agreement outlines plans to open 10 restaurants in the region over the coming years, although specific details about signed leases were not disclosed, as announced by Twin Peaks on Monday. Renowned… Read more »
A French bakery and café chain is actively seeking franchisees to spearhead its expansion into Greater Philadelphia. La Madeleine has pinpointed 25 trade areas across downtown Philadelphia and its suburbs, identifying opportunities for at least one location in each area. While no deals are currently in progress, the chain aims to establish an initial 25… Read more »
The historic Famous 4th Street Delicatessen in Queen Village, which has stood for a century, is now under the ownership of the Locals 8 Hospitality Group based in Connecticut. The acquisition of this cherished Philadelphia establishment, along with its 7,263-square-foot building at 700 S. 4th St., was finalized on Jan. 8, as confirmed by founder… Read more »
Following the resurgence of leasing activities and pedestrian flow in Center City after the Covid-19 pandemic’s impact in 2022, this positive trend continued to propel retailers in Philadelphia throughout the past year. As of September, retail occupancy in the Center City District stood at 84.5%, steadily regaining ground toward the pre-pandemic 89% mark observed in… Read more »
