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.

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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.

Columbus Crossing, Bensalem Crossing shopping centers sell 

Paramount Realty Services of Lakewood, N.J., has purchased Columbus Crossing, a 140,418-square-foot shopping center in Philadelphia for roughly $40 million.

Anchored by T.J. Maxx, HomeGoods and Ulta Beauty, Columbus Crossing was fully leased at the time of sale.

In another, separate transaction, Bensalem Crossing also recently sold for $11.5 million and highlights how investors continue to snap up certain retail assets that have determined are nearly pandemic proof.

At 67,215 square feet, Bensalem Crossing is anchored by a ShopRite and also counts CVS and Verizon as tenants. The property was put up for sale in April.

In Philadelphia, Columbus Crossing was sold by an affiliate of Blackstone Real Estate Partners, which acquired the property as part of a larger portfolio of 49 retail properties sold in 2016 by Riocan Real Estate Investment Trust. The property at 1851 S. Columbus Blvd. has also has Walmart and Home Depot as tenants on separate pad site and those were not part of the transaction. Walmart and Home Depot own their respective properties.

Both properties have tenants that continue to do well even in an pandemic.

The site where Columbus Crossing is located is zoned CMX-5, which allows for dense, mixed-use development, and totals 11 acres fronting the Delaware River. “It is perfectly positioned within the path of growth along the river,” Munley said. Demand for the center was high, which was due in most part to the zoning and potential for future development, he said.

Paramount put the property under agreement in December and the transaction was scheduled to close on March 28 but was delayed as a result of the coronavirus and protests. The stores were closed and boarded up. The buyer and lender wanted to make certain tenants would pay rent and that the deal still made sense before finalizing the transaction.

*Article courtesy of Philadelphia Business Journal

For more information about Philly 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 closes in on sites for Philadelphia-area grocery stores

Amazon closes in on sites for Philadelphia-area grocery stores

Amazon.com Inc. is reportedly closing in on three Philadelphia locations for its new chain of grocery stores with two sites being eyed in Bucks County and at least one in Center City with the goal of opening them by the end of the year.

The Philadelphia region is competitive when it comes to vying for shoppers dollars and Amazon will be yet another grocery chain entering the mix. New chains, such as Lidl and Aldi, have been entering the market while existing retailers such as Giant Co. and Wawa have been adding locations and all looking to grab more of shopper’s weekly food budgets.

Amazon owns Whole Foods but has been experimenting with a grocery concept that is different from the organic grocery chain and unlike its Amazon Go, which is more like a convenience store with no cashier. The Amazon grocery will be more like a traditional grocery store. The Wall Street Journal reported in October that it had plans to open a dozen stores in the Los Angeles area and intended to launch other locations in Philadelphia and Chicago.

Two locations that Amazon (NASDAQ: AMZN) has reportedly zeroed in on locally are stores vacated by other retailers in Bucks County with a third in Center City, according to a Food Trade News report and sources familiar with the situation. 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, according to Food Trade News.

Amazon has been building out a warehouse distribution network throughout Philadelphia and leases an industrial building in Langhorne and is working on another deal in Bensalem.

At one point, Amazon had looked at a Tower Investments development on South Broad Street at Washington Avenue in Philadelphia but Giant ended up signing a lease at that site as well as another location with Tower at Columbus Boulevard along the Delaware River waterfront. Amazon is now scouring multiple sites in Center City, according to sources. A spokesperson from Amazon couldn’t be immediately reached for comment.

The entry of Amazon will further shake up a competitive market. Giant nudged out ShopRite in Philadelphia area, ringing in $2.75 billion in sales over 69 stores during the last year, according to Food Trade News’ latest annual ranking of top retailers that sell groceries, drugs and general merchandise. Sales from Giant stores accounted for 15.4% of the market share, the report said.

ShopRite had $2.64 billion in sales over the same period that ended March 31, 2020, and 14.8% of the market share across the Pennsylvania counties of Philadelphia, Bucks, Chester, Delaware and Montgomery and the South Jersey counties of Burlington, Camden and Gloucester. A year prior, ShopRite was the leader with $2.6 billion in sales, giving it 15.2% of the market compared with Giant’s then $2.56 billion in sales, or 15% of the market.

Acme Markets came in third with its 67 stores earning $1.5 billion in sales, then Wegmans with its nine stores bringing in $629 million in the eight-county area and Whole Foods fifth on the list with $416 million across 12 stores.

Both Lidl and Giant continue to expand in the city and across the region. Lidl opened its second store in Pennsylvania last September off Ridge Pike at Trooper Road in Lower Providence in Montgomery County. It opened its first store in Pennsylvania off McDade Boulevard in Folsom in late 2018.

Giant’s most notable expansion in the region has been in Philadelphia, where it has added four of its smaller format Heirloom stores.

Giant has had a presence in the suburbs for years and plans to open a new 50,000-square-foot store in Richboro next year. It has only recently started to expand into Philadelphia and intends to open its fourth Heirloom Market and a 65,000-square-foot regular store this year in Philadelphia. The company also intends to open a new grocery store on North Broad Street in the LVL North mixed-use project under development by Alterra Property Group, according to sources.

*Article courtesy of Philadelphia Business Journal, Natalie Kostelni

For more information about Philly office 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.

How far did foot traffic fall at Philadelphia-area shopping centers during the pandemic? Far. 

While it’s no surprise foot traffic at the region’s malls, power centers and retail strips fell during the stay-at-home orders throughout the Philadelphia region, an analysis by CBRE Inc. found it dropped by more than 66% between March 13 and March 27. Foot traffic bottomed out at 50% on April 12, which was Easter Sunday.

“Foot traffic has since gradually increased, albeit never rising above 50% of the lowest measure and averaging about 50% less than in the same weeks in 2019,” according to the report. 

The idea of looking at the data was to determine where foot traffic actually stood and whether it was as bad as everyone believed it was, said Brian Bruzek, a retail broker in CBRE’s Radnor office who represents landlords and tenants in lease transactions. 

What the analysis revealed was that the year started out on a strong note, with foot traffic across the board significantly higher than at the beginning of 2019. 

Between January 1 and March 13, foot traffic at the shopping centers studied in the nine-county Philadelphia region averaged 40% higher than in 2019. Foot traffic in January alone grew by an average of 47%, year-over-year. 

“We started at a really elevated level. Everyone was feeling pretty good about life before Covid,” Bruzek said. “Unemployment was low and we had a very mild winter.”

Then stay-at-home orders were implemented and foot traffic across the all retail types fell and fell quickly. 

Little by little it improved. Once consumers’ two-week supply of food dwindled and stay-at-home mandates were extended, foot traffic picked up at grocery-anchored centers. Those retail properties experienced a nearly 40% increase in foot traffic, year-over-year, according to CBRE. By comparison, non-grocery-anchored centers have seen foot traffic fall an average of upwards of 60%.

To that end, the data did reveal some winners and losers. Centers with grocery stores, pharmacies and restaurants fared better and were more resilient than enclosed malls, which were closed.

As time went on, visits to retail centers began to pick up as restaurants, stores and consumers began to adapt. They tapped the likes of Doordash, curbside pick-up, online grocery delivery, Instacart and Amazon. Restaurants started to do meal kits. Other retailers did curbside pick up for online orders. 

Since the week of April 19, there has been an a steady uptick in foot traffic at the region’s retail centers and that may portend a renewed comfort level of people to return to in-person shopping as the region moves into the green phase and health measures such as social distancing and masks are in place. 

“There is pent up demand for some experience with proper protocols,” Bruzek said. 

*Article courtesy of Philadelphia Business Journal

For more information about Philly office 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.

Giant opening new store in Bucks County

A Giant grocery store is on the way in Richboro, the company announced Monday.

The 50,000-square-foot store will be in Richboro Shopping Center, in the former location of Murray’s Richboro Market, which used to be the Shop N Bag.

The new store will be Giant’s first in Richboro.

“We are excited to bring Giant to Richboro and we are looking forward to the opportunity to serve this vibrant community,” said Nicholas Bertram, president, of The Giant Company. “As a Pennsylvania-based company for more than 97 years, this new store is the latest example of The Giant Company’s ongoing investment in the commonwealth.”

Construction on the Richboro Giant is scheduled to begin later this year and the new store is anticipated to open in the second half of 2021. The new store will bring over 100 jobs to the community, company officials said.

The Richboro location would become the 20th Giant store in Bucks County.

*Article courtesy of Philadelphia Business Journal

For more information about Philly office 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.