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Originally Posted by skyhigh07
So those young less wealthy people can afford multi million dollar condos at The Laurel, Arthaus, $3,000/month luxury apartments or renovated/new townhouses in Rittenhouse?
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Well I already noted that I believe the lack of international tourism is a real knock on the center city retail scene. I do agree the new developments will pull the retail upwards but it's going to take some time for those condos to lease up fully. The first series of articles on the sales of the first units indicated that people were moving from other near by condo buildings. But no doubt, it will add more wealth to the neighborhood.
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Most reports are showing CC is growing both in wealth and population. There’s people moving here from NYC, DC and all over frankly.
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But are people buying townhouses in Northern Liberties by the hundreds or condos in Center City? There's a reason why Frankford Ave. retail seems unstoppable these days. I think Center City could offer more luxury brands, but unless something drastically changes, I don't see much change from stores just staying in KOP.
There's also the whole aspect that Rittenhouse isn't the only concentrated area of wealth in Center City. Covid has beat it up a bit, but there's a fair amount of really nice boutiques in the Old City / Society Hill area too. I have no idea, but do Society Hill residents go over to Rittenhouse to shop?
I think Center City needs more diversity in terms of retail offerings compared to just more clothing stores. An example of a store I would like to see is a new Micro Center to buy electronics and computer parts.