Retail's Next Generation Is Here
As Colliers surveys the past year in Philadelphia urban retail we see something new - an influx of digitally-native brands opening showrooms and full-service stores. This is an exciting development, though one that is delivered with caution as it may belie some deeper challenges. There still remains some volatility in the downtown retail environment. Chain drugstores have been downsizing store counts nationally, and CVS, Rite-Aid and Walgreens have all closed downtown locations. Generational stores like Brooks Brothers plan to close. Additional retailers and restaurants such as Sugar Factory opened and closed within the year. Other stores have moved locations and taken less space.
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