A new Center City report indicates that Center City Philadelphia's retail market has shown strong resiliency despite the national recession. The retail sector with the most change has been restaurants and food related businesses. Center City's fine dining restaurants have increased by 328% since 1992. Small sandwich and takeout shops are on the decline. Center City's retail vacancy rate has shown an overall decrease in the last ten years.
One major factor of this resiliency has been the city's dominant employment sectors of health care and education which continues to grow. Center City Philadelphia is the third-largest residential downtown in the United States which has created a strong concentration of well-educated and professionally employed residents. This type of residency increases demand for personal/professional services, household goods, and food and fine dining. Center City is also considered a compact, dense, and walkable downtown area where 40% of its residents walk to work. That is the most in the country! This means many households have one or no cars thus eliminating a large annual expense that can be devoted to other spending, such as retail.
Check out the full report from centercityphila.org
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