Center City retail rebounds thanks to millennials
The retail scene in downtown Philadelphia is on the upswing, according to a new report by the Center City District.
Paul Levy, president of the Center City District, said millennials are helping drive the demand for retail in Center City. They make up almost 30 percent of the population in the heart of Philly.
“Take 25- to 34-year-olds,” said Levy. “We’ve got twice the citywide average and almost twice the national average, and so we’ve got a significant number of people who are living in and around the downtown who are very strong supporters of a broad range of things from restaurants to cafes.”
The report said Center City is also benefitting as these millennials are moving into their “peak consumer-spending years.”
Young families, workers and tourists are also driving demand for national retailers such as Uniqlo and Century 21 to open in Center CIty, according to the report.
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