There’s no bigger sports fan than me. And yet, as I explain near the end of this Philadelphia Inquirer story (link below), something about the plan for a new 76ers’ BASKETBALL ARENA ON Center City's HISTORIC SHOPPING STREET doesn’t smell right. It is true that neither the Market East district (with 22.0% vacancy as of 9/23) nor the Fashion District mall (24.4%) are thriving at the moment. The Sixers may even be right that their plan is the one most likely to catalyze large-scale real estate transformation there. But is that what's actually called for, or even widely desired? After all, the arena would also obliterate three of the “experiential” anchors - AMC, Round 1, City Winery - that supposedly represent the next (Internet-resistant) wave of retail. More to the point, Market East has for decades catered to Philadelphia's middle and lower-income shoppers, a sharp contrast and important supplement to the more upmarket mix along Center City's Rittenhouse Row. The Fashion District featured - and still features - a slew of brands that serve this purpose, like Primark, H&M, Forever 21, Burlington, ULTA and a host of branded outlet stores (Nike, Levi's, Columbia). Does such an offering maximize the location’s and corridor’s development potential? Maybe not. But that’s not the only role of a Downtown. Indeed, I’ve long argued that a Downtown - especially the part of it that sits at the nexus of the regional mass-transit network - should also act as a true crossroads for the entire community. In my mind, then, it was/is the right move, in terms of market positioning and civic cohesion, to focus on broadly-accessible “crossover” retail along Market East: to waive the white flag after four pandemic-filled years seems not just premature – with so many of the initial retailers still remaining – but irreversible, for once the number and range of stores falls below a certain threshold, the “comparison-shopping” appeal plummets. The arena would only need one-third of the existing footprint, so the current mix could theoretically be consolidated in the remaining two-thirds, but that's easier said than done. Proceed with caution, Philadelphia.
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Gensler | Principal | Co-Managing Director Columbus OH
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