Since 2016, roughly 2.6 million square feet of retail space throughout the Philadelphia region has been or is scheduled to be vacated as retailers engage in mass closings of stores.
Metro Real Estate’s own Joe Dougherty says, “It’s giving them a chance to redevelop, re-tenant and rethink these shopping centers to improve the overall shopping experience for the shopper,” Dougherty said. “They could always release what is there but that’s not going to do anybody any good. If the owners want to improve what they have, this gives them an opportunity to do that. They are taking what is fundamentally a good piece of real estate and improving it.”
To read the full article, visit the Philadelphia Business Journal.