Morning Headlines: The Gallery Will Not Get High-End Stores

kmart gallery market east

Detail from a photo from labelscar.com

“It could be high-fashion, it could be Forever 21″ we reported last December of PREIT’s plans for the Gallery. Well, it appears the high-end road will not be taken anytime soon. Instead, the space of the soon-to-be-closed Kmart will more likely house stores of the latter variety, in addition to getting a strong food presence.

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Morning Headlines: PREIT Buys Building at 15th and Walnut

The Walnut Street building purchased by PREIT once boasted Louis Kahn as a tenant.

The building on the northwest corner of 15th and Walnut once had an illustrious tenant: Louis I. Kahn, the celebrated modernist architect, had his office there. Today its tenants consist of three retail shops and a Pennsylvania lottery.

Buyer Pennsylvania Real Estate Investment Trust (PREIT), which owns the Gallery, as well as many other malls, has not offered specifics about what will happen with the 14,000-square-foot property.

PREIT buys 15th & Walnut corner [PhillyDeals]

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PREIT’s Plans for the Gallery Are Less Elusive. Sort Of.

The mysterious game-changing redevelopment project PREIT has planned for the Gallery has become a little less elusive. Sort of. Since October, PREIT has dropped more hints about what “transformative” retailers will bring to Philadelphia’s retail scene. From the Inquirer:

“We anticipate delivering a project that is a focal point for the City of Philadelphia, drives the transformation of the retail landscape in the city and the evolution of the corridor into a vibrant shopping, entertainment, and dining district.”

Apparently, the positive impact East Market Street gets will come from one of two ways:

“One is a high-fashion anchor center utilizing one of the four high-fashion department stores. Another possible alternative is what we call ‘fast fashion and food,’ if you will, and that is to redevelop [the area] more consistent with some of the more trendy suburban mall tenants – like the Forever 21, the H&M, the Uniqlo.”

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