Barnes & Noble, Philadelphia’s flagship store at 1805 Walnut St., will soon move to a new smaller location on Chestnut Street.
The bookstore chain and its retail broker, MSC Retail, have struck a deal with the owner of 1708 Chestnut Street. The wave of bankruptcy-related closures in 2019the building housing the new location of the bookstore is owned by The Rubin Family Helped Establish Modern Center City.
The Chestnut Street location, which is listed at 19,000 square feet of retail space, is smaller than the current 24,000 square feet on Walnut Street. However, both locations are his two-story retail store with condos above it. I don’t know how much, but the rent will be cheaper.
Where is Walnut Street Owned by former city councilor Alain Dombes, facing Rittenhouse Square. None of the owners or brokers spoke of the transfer on record.
Center City District president and CEO Paul Levy said he sees the move as a natural example of businesses seeking new opportunities in the changing downtown retail landscape.
“We’re seeing a lot of momentum, especially on the west side of 16th Street, which is really good for the west side of Chestnut Street, where a lot of retailers live,” Levy said. The bookstore’s new location is “still close enough to Rittenhouse Square and the housing market, and with the return of Offices in his sector, it’s also closer to Market He Street.”
Barnes & Noble’s move can be seen as part of a massive retail restructuring at this stage of the COVID-19 pandemic.Walk-in business plummeted early in the outbreaksome Center City businesses at the time Big hit in the riot Following the murder of George Floyd by Minneapolis police officers.
From 2020 onwards, rental terms are fluid. Some small businesses have closed completely The sector as a whole has held up better than expected amid pandemic-era retirements. Reported by Center City District Retail sales reached 94% of 2019 levels this summer, while restaurant sales remained at 74% of pre-pandemic levels.
However, many retailers are looking to relocate their stores and are trading with stronger lease terms. For example, J. Crew moved from his Liberty Place shop to 1719 Walnut St. and Philly Runner moved from his 1601 Sansom St. to 1711 Walnut.
“The pandemic has changed many things in the city, but we have seen a lot of success with new leases and an influx of people,” Levy said. “We are very optimistic about trends.”