Is Philadelphia on the verge of losing its authentic local stores?
Philadelphia is at risk to lose small retail shops that are vital for the city. Could socially minded venture capitalism be the answer?
Philly still retains a wealth of small local businesses, which helped avenues like West Girard and Frankford to be more vibrant and less vacant than any time in recent history.
However, this independent vibe is quite precarious, reported The Philadelphia Citizen. Large new construction in the city, such as the Dalian on the Park complex in Spring Garden, or 1919 Market Street, have ground national retail chains that includes Santander Bank, Whole Foods, Naf Naf Grill, and two CVSs between them.
Capital is needed to level the playing field between national chains and small, local businesses, which could become profitable players in the city’s retail scene if given the opportunity.
A new report shows just how strong retail demand is in Center City, suggesting that stores that got priced out of Walnut Street, might end up getting priced out of Chestnut Street too (as an example, see the closure of longtime local clothing store, Knit Wit, for a national chain, Just Salad). More than 45 national retailers have opened shop in Philly since 2013. Do we really want Rittenhouse Square to feel like an extension of the King of Prussia Mall?
Keep Reading in The Philadelphia Citizen.