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Philadelphia–Ready for a Retail Boom

PHILADELPHIA—PREIT CEO Joseph Coradino explains why Philadelphia is ready for a retail explosion in this EXCLUSIVE interview for ICSC RECon.

By Geoffery Metz | Updated on May 12, 2014

PHILADELPHIA—The fifth largest city in the U.S., the City of Brotherly Love seems to have it all—a thriving downtown that’s growing among young adults, 16 colleges and universities, the country’s third busiest rail station and a thriving restaurant and cultural scene. As a destination, the area hosts 40 million visitors annually. But it doesn’t have a critical mass of retail. That’s about to change, believes PREIT CEO Joseph Coradino. We spoke with him in anticipation of ICSC RECon about the state of retail in PREIT’s hometown.

Recent and ongoing improvements in the area are giving retailers cause to slowly but surely put down stakes in Philadelphia, says Coradino. He cites research showing $1 billion of purchasing power leaving the city annually.

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