Posted Jan 4, 2023, 7:53 PM
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Moderator
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Join Date: Oct 2011
Location: Philadelphia
Posts: 18,377
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Marshalls on East Market is closing and will be replaced by another national chain
Quote:
The Marshalls department store at 1044 Market St. in Philadelphia announced its imminent closure this week, leaving an over 25,000-square-foot vacancy.
But representatives of the building owner say that it won’t be empty for long after its Jan. 14 closure.
“We’re very close to signing a national tenant to replace them,” said Ken Bleznak, executive vice president with CBRE. “Our expectations are that that lease will be signed in January. It’s a retailer we have in Philadelphia, and they’re staying in the city and relocating.”
The Marshall’s closure comes during an uncertain moment for Center City retail. Several large chains have closed prominent locations in recent months, including Starbucks, Wawa, Rite Aid, and H&M. Others are downsizing, like Barnes & Noble.
Although the overall retail occupancy numbers are strong, with independent businesses and restaurants flourishing, large spaces have proven more difficult to fill.
While Bleznak of CBRE could not comment further on the Marshall’s closure or what might be coming to the space, he warned against an overly gloomy interpretation of what it meant for Center City.
“I work all over the country and urban markets are a mess right now,” Bleznak said. “For some reason Philly became one of the national punching bags. But Philly is doing better than most, and it’s not much worse than the best.”
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Read/view more here:
https://www.inquirer.com/business/re...-20221230.html
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