PHILADELPHIA-The national fashion discount store Marshall’s is opening a store on Market Street in Center City, Philadelphia on Thursday, amidst a flurry of new retail offerings. The Philadelphia Retail Marketing Alliance, a public/private organization, notes that more than 60,000 square feet of retail space is being readied right now in Center City, as 2,000 residential units are under construction and two hotels have recently opened.
Marshall’s move into 1046 Market Street comes on the heels of openings by national retailers including Intermix, Anne Klein, Apple, Barbour, and ULTA Beauty. Jenel Partners, a New York based developer, is the owner of the property which also includes a CVS and a new charter school.
Michelle Shannon, vice-president of marketing for the Center City District and a co-chair of the alliance said consumers today demand an eclectic mix of offerings. “Women are notorious for pairing the $700 pumps picked up at a store such as Boyd’s or Joan Shepp that offer luxury brands with the $20 jeans or cocktail dress purchased at a store such as Marshall’s,” she said.
Consumers also like to blend high-end gadgets and home decor items with those found in discounted department stores. “Marshall’s will give the Center City shopper a new opportunity to mix it up,” said Shannon.
Center City’s appeal to retailers stems from solid demand for shoppers’ goods - estimated to exceed $710 million annually - and a favorable business climate. There is no tax on apparel in Philadelphia and retail real estate prices are below those in other major downtown markets, which makes it easier for tenants to gain a foothold in the market, Shannon said.
“There is tremendous potential for growth in the Center City retail market at both ends of the brand spectrum,” she continued. “The vibrancy of the market and demand for shopper’s goods has increased as surrounding neighborhoods have attracted more affluent residents, our growing tourism economy, and a very diverse workforce,” said Shannon.
“We believe Market Street is well positioned to become one of the city’s premier retail corridors, which is why we invested in our property and updated the tenant mix,” said Michael Hirschhorn, president of Jenel Management. He said the new store is part of the company’s long-term expansion strategy to increase square footage by about 5% per year.
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