Harris Blitzer Sports & Entertainment and Comcast Corp. have purchased the former Rite Aid at 10th and Market Streets for $15 million, signaling renewed interest in redeveloping the Market East corridor. The 26,000-square-foot building, mostly vacant since Rite Aid closed in 2022, was occasionally used by seasonal tenants like Spirit Halloween. The $577-per-square-foot sale came… Read more »
In his 27-plus years with IKEA U.S., current COO Rob Olson says he’s never witnessed growth at the pace the company is now pursuing. The U.S. arm of the Swedish home furnishings giant is focusing its expansion on two newer store concepts: smaller-format locations ranging from 50,000 to 100,000 square feet, and “plan and order… Read more »
Atlanta restaurateur Garis Eddington is bringing his latest concept, Tailgate Sports Bar, to the heart of Northern Liberties this August. Located at 1033 N. 2nd St., the new spot promises more than just food and drinks — it’s designed to deliver what Eddington calls a “high-energy dining” experience. Inspired by the spirit and excitement Philadelphia… Read more »
Philadelphia restaurant group Glu Hospitality has shut down, splitting its 16 locations across nine concepts among new owners and leaving vacant spaces across the city. Co-founder Derek Gibbons said the company grew too quickly during the pandemic, straining its finances. Founded in 2019 by Gibbons and Tim Lu, Glu also faced lawsuits, wage theft allegations,… Read more »
Philadelphia’s retail market showed signs of weakening as it approached 2025, with annual net absorption—reflecting the net change in occupied retail space—falling well below historical averages. However, despite this slowdown, the market remains relatively tight, particularly in the suburbs. Retail locations in Center City continue to face challenges due to reduced office occupancy, yet limited… Read more »
Fulton Financial Corp. has sold 11 local branches to South Philadelphia’s Hightop Development as part of its ongoing real estate review following last year’s acquisition of Republic First Bancorp. Most of the sold locations were acquired through Fulton’s 2022 purchase of Prudential Bancorp. According to bank spokesman Steve Trapnell, the branches will continue operating as… Read more »
A prominent South Philadelphia shopping center with a strong tenant lineup has hit the market. Goldenberg Group, a Blue Bell-based developer, has listed the fully occupied Columbus Commons at 2106 S. Christopher Columbus Blvd. for sale. The retail center, developed nearly 20 years ago, spans 643,810 square feet in total. However, the listing excludes Ikea… Read more »
Macy’s plans to close its 435,000-square-foot store in the historic Wanamaker building by the end of March, marking a significant setback for East Market’s struggling retail scene. The announcement, made Thursday, is part of the retailer’s larger strategy to shut down 150 stores nationwide by 2026, including 65 closures this year. Among the first wave… Read more »
The Philadelphia region has experienced a surge in fried chicken restaurants, with new openings and leases multiplying over the past year. Local and national brands are seizing the opportunity, securing locations across the city and suburbs to meet rising demand. In 2024, fast-casual and quick-service chicken concepts signed at least 22 leases—double the total from… Read more »
Wawa is closing another Philadelphia location, marking its third closure in the city this year. The store, located at 33 S. 16th St. and spanning 3,000 square feet, will shut down on Monday. In an emailed statement to the Business Journal, Wawa spokesperson Lori Bruce explained that the store’s smaller size made it difficult to… Read more »
