Center City retailers rebounding from pandemic, report shows

Details: The report, published last month, found that 67 retailers and restaurants have opened in Center City so far this year. Other key takeaways include:

• A total of 68 businesses were temporarily closed as of September, down from 646 in June 2020.
• Pedestrian traffic rose to more than 309,000 in October, up from 108,300 in April 2020.
• Retail and restaurant demand is estimated at $1.1 billion this year in core Center City and in excess of $2 billion in Greater Philadelphia.

Zoom out: 15 major projects, including two office buildings and 2,980 new housing units, are now under construction in the area.

Yes, but: Challenges persist. The business vacancy rate in Center City was 17.4% in September, but it remains even higher in prime retail corridors like West Chestnut Street (25%).

• Several national retailers closed stores in Center City during the pandemic, including Gap, Banana Republic, Aldo and Ann Taylor.

• Exactly 81 fewer food establishments were in the downtown area in September compared to before the pandemic.
• About 58% of Center City workers continue to work remotely.

What they're saying: Center City District president Paul Levy said the recovery shows the district is much more resilient than people realized.

• While several businesses closed during the pandemic, he noted that a lot of digitally native retailers moved into those vacant storefronts.
• "With the appropriate precautions, we feel pretty optimistic about the process of recovery," Levy said.