Walnut Street Is Now Little King of Prussia
All hail Walnut street, the retail powerhouse of all of Philadelphia. According to the recently released 2013 Global Retail Highlights Report, rents rose by more than 34 percent over the past year, bringing in tenants more associated with areas like the King of Prussia Mall, including Ann Taylor Loft, Intermix, and Anne Klein. Oh, joy:
It cited the influx of brands more typically seen at the King of Prussia Mall, including Ann Taylor Loft, Intermix, Anne Klein and Ulta. A former Barneys Co-op store will be converted to Barneys New York next year. Colliers also cited the presence of Cheesecake Factory, even though the restaurant chain has not even confirmed it will open a Center City location.
What’s more, we’re a cheaper city, too—but most of us already knew that:
For all its growth, Walnut Street retail rents remain comparatively low, at $107 a square foot, versus $3,052 on New York City’s Fifth Avenue, $1,325 on NYC’s Madison Avenue and $450 on Rodeo Drive in Beverly Hills, Calif.
So, while we might be Beverly Hills or New York, we’re definitely at least as good as King of Prussia. Anybody wanna celebrate with a bite at the Cheesecake factory? [PBJ]