One effect a retailer can have is attracting other retailers who want to be near it. Will Century 21 have that allure for the Gallery?
The New York store signed a 100,000-square-foot lease with Pennsylvania Real Estate Investment Trust at the former Strawbridge’s at 801 Market St. in Center City. It will serve as one of the anchor tenants in PREIT’s long-talked about redevelopment of the Gallery at Market East.
In a mall, Neiman Marcus, Nordstrom’s and Bloomingdale’s are considered gold-standard, high-volume anchor tenants that drive traffic and a diverse customer base. The consensus is that even though Century 21 isn’t the luxury department store some had hoped for, as a large, apparel-oriented store, it is expected to attract customers, other tenants and help reposition the Gallery. Read more about this story on PBJ.com.