PHILADELPHIA, PA—Steady improvement in the jobs picture is leading to increases in retail spending and a corresponding expansion trend among retailers in the geography, according to Marcus & Millichap's second quarter Retail Research Market Overview.
“High-end grocers Whole Foods and Wegmans are expanding in the wealthier suburbs,” the report says. “Meanwhile, several other smaller retailers including discount stores and quick-serve restaurants are also growing their footprints. In the wake of Bottom Dollar's exit from the market earlier this year, Aldi purchased all 46 locations in the Philadelphia area and has plans to open 20 of them as Aldi stores.”
Developers are likely to speed up the completion of their retail projects to accommodate the rising demand, the report says. Builders are more confident that projects will get leased, and are beginning some before completing the leasing process, according to the report.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
