New Jersey Bank Picks High-Profile Philadelphia Building for its First Pennsylvania Branch

OceanFirst Bank will open its first retail branch in Pennsylvania after signing a 10-year lease to occupy 2,000 square feet at 1500 Market St. in Center City.

The Toms River, New Jersey-based bank has been shopping for a high-profile Center City location to serve as its first branch for more than a year. Susanne Svizeny, the former Wells Fargo executive who joined parent company OceanFirst Financial Corp. (NASDAQ: OCFC) last year in the newly-created role of president of the Greater Philadelphia region, said the building is the perfect choice.

Nightingale Properties and Wafra Capital Partners, which jointly own the two-building Market Street complex formally called Centre Square, last year launched a $12 million renovation of the plaza, retail and lobby areas in an effort to give the 45-year-old office complex a refresh. The new OceanFirst branch will be on the Market Street side of what is informally known as the “Clothespin Building” because of the giant clothespin sculpture outside its main entrance. It is situated across from City Hall and right next to a main entrance to Suburban Station and the Market Street Line.

“It’s just such a great location with all of that foot traffic,” Svizeny said. “I know a lot of our customers will be happy to know they can do business with us in the city now. And it really shows our commitment to the city.”

Virtually every major bank operating in the region has a branch on Market Street between City Hall and 20th Street — the city’s main business corridor. In all, there are 11 different banks that operate 17 retail locations with a combined $16.5 billion in deposits in that five-block strip. Many of those are among the locations for each bank with the highest number of deposits. When factoring in the entire 19102 and 19103 zip codes that also include busy streets such as John F. Kennedy Boulevard, Chestnut Street and Walnut Street, there are 17 different banks with 51 branches that hold a combined $35 billion in deposits, or more than 18% of all deposits in the entire eight-county area.

OceanFirst will be the second bank branch at Centre Square. Santander Bank has one facing 15th Street.

Svizeny said the location will be what OceanFirst calls one of its “super branch” locations that serve as regional hubs. Despite the “super” moniker, they are not larger than a normal retail branch. The super branches do not have traditional teller lines, instead focusing on universal bankers serving both transactional and customers service needs in an open floor plan that features a large, U-shaped table near the entrance.

Svizeny said the plan is to have the branch open by May and the bank will employ SOSH Architects of Atlantic City for the work on the space that is now gutted. Since opening a loan production office at Two Logan Square late last year, Svizeny said OceanFirst has built up $1 billion in loans, largely commercial real estate and commercial and industrial. It was also an active player in the Paycheck Protection Program.

In addition to the loan production office at Two Logan, OceanFirst has locations in Doylestown to serve the eastern suburbs and Newtown Square to serve the western suburbs and Delaware. Svizeny said the bank would like to add another in the King of Prussia/Conshohocken area if it can find the right bankers.

Long based in Ocean County, OceanFirst entered South Jersey through four acquisitions between 2016 and 2019:

OceanFirst Chairman and CEO Christopher Maherhas said in recent years that moving into New York and Philadelphia were strategic priorities. It took care of New York earlier this year by acquiringCountry Bank Holding Co. of New York City as well as Two River Bancorp of Tinton Falls in Monmouth County. Sources have said OceanFirst has been talking to other banks about finding a strategic fit in southeastern Pennsylvania, where deals in prior years have thinned the options for companies as large as OceanFirst.

“I know that Chris is always talking to other CEOs, but that’s a question for him,” Svizeny said.

For now, though, OceanFirst will focus on its organic growth and its new Center City location.

The following is a list of all retail bank branches on Market Street between 15th and 20th streets, with deposits listed as of June 30, according to FDIC data:

    • Santander, 1500 Market, $47M
    • Citizens,1515 Market, $187M
    • Firstrust, 1515 Market, $439M
    • PNC, 1600 Market, $8B
    • Republic, 1601 Market, $415M
    • Truist, 1635 Market, $66M
    • M&T, 1650 Market, $56M
    • Wells Fargo, 1700 Market, $131M
    • Citizens, 1735 Market, $2.5B
    • Meridian, 1760 Market, $28M
    • PNC, 1801 Market, $196M
    • BofA, 1818 Market, $118M
    • Republic, 1818 Market, $137M
    • TD, 1900 Market, $716M
    • Santander, 2000 Market, $3.1B
    • Citizens, 2001 Market, $315M
    • Wells Fargo, 2005 Market, $75M

*Article Courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Goose Island Brewhouse in Fishtown Permanently Closes in Covid-19 Fallout

The popular Goose Island Brewhouse is Philadelphia’s Fishtown neighborhood has permanently closed after nearly two-and-a-half years of operation, the latest fallout from the Covid-19 pandemic.

The 10,500-square-foot brewpub announced the shuttering late Friday afternoon via its Facebook and Instagram accounts. Goose Island Beer Co. is based in Chicago, and has been owned by Anheuser-Busch InBev since 2011.

Goose Island Beer Co. opened its Philadelphia concept at 1002 Canal St. in spring 2018. The local brewhouse was well-trafficked by Philadelphians across the city, Fishtown residents and people attending shows at neighboring music venue Fillmore Philadelphia. The project includes indoor space as well as a large outdoor seating area.

Rivers Casino Philadelphia, Philadelphia Distilling and the apocalypse-themed restaurant Mad Mex also stand near to Goose Island Brewhouse.

Goose Island Brewhouse is situated across the street from the planned 35,000-square-foot Brooklyn Bowl entertainment complex that expects to open by the end of 2021. That development comes from the New York-based bowling company in partnership with Live Nation Entertainment Inc.

Fans of Goose Island Brewhouse took to social media on Friday to lament the closure.

“Now it’s official – worst year ever!” one Facebook user wrote. “You guys were our Friday nights, our work happy hours, the first place we brought our newborn son, our go to during covid!! My heart is shattered!”

“We are so sad to hear this news,” an Instagram user wrote. “We have LOVED the time we spent at Goose Philly playing music, enjoying the atmosphere (and the amazing brews!!!) The staff has always been kind, helpful, and fantastic!!!!”

The closure is among the latest in a wave of permanent shutterings that have washed over the region’s hospitality industry due to the pandemic. Other concepts that have permanently closed recently include Chef Tyler Akin’s Res Ipsa, Stephen Starr’s Continental Restaurant and Martini Bar in Old City, and Trattoria Giuseppe in Newtown Square.

*Article Courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Lidl, ALDI Open New Grocery Stores in Philadelphia

Two German markets continue expansion into region

German grocery store Lidl is in the midst of a large expansion on the East Coast of the United States. Its latest store opened at 9175 Roosevelt Blvd. in Northeast Philadelphia. Above, a location in Middletown, Delaware.

Apair of grocery stores run by German-based companies opened their doors to the public this week in Northeast Philadelphia and West Poplar.

Lidl, the quickly expanding chain, held a grand opening of its new location at 9175 Roosevelt Blvd. on Wednesday, presenting the first 100 customers with gift cards ranging from $5 to $100. This is Lidl’s second store in Northeast Philadelphia. The first opened last year at 2290 East Butler St.

The company has plans to open 50 new stores on the East Coast by the end of next year, including a second store in Delaware County and several in South Jersey. It currently has South Jersey stores in Burlington, Cherry Hill and Vineland, as well as a location in Folsom, Delaware County.

Discount grocer ALDI also opened up another Philadelphia location on North Broad Street as part of a project supporting the neighborhood around the revitalized Divine Lorraine Hotel apartments.

The 15,000-square-foot location is ALDI’s largest in Philadelphia and features art celebrating Philadelphia’s history. Other locations in the city include stores in Brewerytown, South Philadelphia and West Philly.

ALDI also is planning a significant expansion across the United States, with plans to operate 2,500 stores by the end of 2022.

*Article Courtesy of Philly Voice

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Bankruptcy Court Approves PREIT’s Reorganization Plan

A month after filing for Chapter 11 bankruptcy protection, the U.S. Bankruptcy Court for the District of Delaware approved a pre-packaged restructuring plan for Pennsylvania Real Estate Investment Trust on Monday.

The Philadelphia company expects to emerge from bankruptcy in early December, later than its initial expectation to be done with the proceedings by the end of November.

PREIT (NYSE: PEI) is hopeful the reorganization will give it more time and money to become a stronger company. Under the plan, the shopping mall owner will have access to $130 million in new financing as it relates to a senior unsecured facility and the elimination of a $20 million revolving facility designated for repaying mortgages.

The company also said that as part of the reorganization, its debt maturity schedule will be extended by three years.

None of these proposals are final until the agreements are executed and the company emerges from bankruptcy.

“We look forward to emerging from this process as a stronger, more innovative platform for our business partners,” said Joseph F. Coradino, CEO of PREIT, in a statement. “We were able to reach this outcome on an expedited basis thanks to the overwhelming support of our lenders, as well as the continued support of our employees, customers, tenants and vendors.”

The Philadelphia owner of malls including Plymouth Meeting Mall, Cherry Hill Mall and Fashion District Philadelphia, will come out of bankruptcy in an environment that remains challenging for retailers and their landlords.

Traffic to physical stores on Thanksgiving Day and Black Friday declined by 52.1% compared with 2019, according to Sensormatic Solutions, a retail research company. The drop can be attributed to several issues including the pandemic and shoppers hesitant about being in brick-and-mortar stores, several retailers that closed for the holiday and a continued shift to online buying.

PREIT voluntarily filed Nov. 1 for Chapter 11 bankruptcy protection after Strategic Value Partners, which owns 5% of PREIT’s debt, objected to a restructuring plan that 95% of PREIT’s other lenders approved. Strategic Value Partners finally relented and approved the pre-packaged plan.

PREIT continued to operate its malls during bankruptcy. When it filed bankruptcy, PREIT listed as having $2.4 billion in assets and total debt of just over $2 billion. Of its debt, $913 million is an unsecured loan it has with Wells Fargo, which is its largest creditor.

The company’s stock has made gains in the last week and closed Monday at $1.10 a share. The stock soared in after-hours trading Monday by nearly 24% on news of the bankruptcy approval.

Its 52-week low was 36 cents a share.

 

*Article Courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

$52M Redevelopment Planned for Vacant Sears in Philadelphia

A partnership has paid $28.75 million for a former Sears in Northeast Philadelphia and has plans to invest another $24 million to redevelop the vacant department store.

Sears Holdings Corp. closed the store in April 2018 as part of a move to shutter 100 stores nationwide. The transaction was initiated six months before the onset of the Covid-19 pandemic and managed to cross the finish line with tenants and financing in place — something unusual these days for a retail development.

The redevelopment project is 98% pre-leased and no one is divulging the name of the 60,000-square-foot anchor tenant.

JKRP Architects designed the project.

A Starbucks and Jollibee, which is a fast-food chain from the Philippines that has fried chicken as its main offering, will occupy two separate outparcels. This will be the first Jollibee in the Philadelphia area.

The partnership was attracted to the property for a variety of reasons. The sheer size of the site, totaling a city block, was part of it. It also fronts three major streets, making it appealing for retailers wanting visibility and signage opportunities.

They anticipate starting construction in the next few weeks and having most of the redevelopment completed by next November.

*Article Courtesy of Philadelphia Business Journal

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Aldi Readies to Open Long-Awaited Fairmount Avenue Store in Center City

Aldi, the German-based discount grocery chain, is scheduled to open a long-awaited store at 1300 Fairmount Ave. in Center City early next month.

It will join other grocers such as Giant, Acme and Whole Foods that have been expanding in Center City as its population has grown. Amazon is also expected to open a new store at a development proposed for 5th and Spring Garden streets in Philadelphia.

Aldi had signed in the fall of 2018 a long-term lease on 25,427 square feet at 1300 Fairmount but is now occupying 15,000 square feet. Why the store size shrank by roughly 10,000 square feet couldn’t be determined. A spokeswoman wasn’t immediately available for comment.

A New York real estate firm, developed 1300 Fairmount, a $190 million, 14-story, 624,575-square-foot building at the intersection of North Broad Street, Fairmount Avenue and Ridge Avenue. It has 478 apartments and is part of an ongoing renaissance underway along North Broad Street.

The Aldi is scheduled to open Dec. 3 and will be chain’s 11th in the Philadelphia area and part of its strategy to be the third largest grocery retailer in the United States by the end of 2022.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Univest Bank Closing 20% of its Retail Branches

Univest Financial Corp. said it plans to close eight of its 39 retail branches, or 20% of its footprint, as part of an optimization plan that has been accelerated by Covid-19.

Since 2015, the Souderton-based parent of Univest Bank has consolidated 15 locations largely in its traditional home base of Bucks and Montgomery counties while opening 13 locations largely in new markets such as Philadelphia, Lancaster, Berks, Lehigh, York and Cumberland counties.

CEO Jeff Schweitzer said Univest recently looked at its branch footprint and chose to close locations that were within five miles of another as well as analyzing financial metrics and foot traffic for each.

“We looked at deposits,” Schweitzer said. “But we closed some that have a good amount of deposits because we felt there was more potential for growth in other locations.”

Univest (NASDAQ: UVSP) will incur a one-time, pre-tax cost of $1.7 million, which will primarily be recognized in the fourth quarter of 2020. The estimated pre-tax annualized savings will be approximately $2.4 million.

The closures will take place in two phases with the pruning largely being conducted within the bank’s traditional footprint.

On Jan. 29, 2021:

    • 10 W. Broad St., Souderton — This location will have lobby access permanently closed with the exception of appointment-based access to safe deposit boxes. The night drop and ATM will also remain.
    • 415 Main St., Schwenksville – Will be closed.
    • 1041 York Road, Warminster – Lobby access will be closed, while drive-thru access, the ATM and night drop will remain. In addition, once renovations are complete, personnel from the bank’s subsidiary, Univest Capital, will be relocated from their current location in Bensalem to Warminster. This location was inherited in the 2016 acquisition of Fox Chase Bancorp.
    • 1 Fitzwatertown Road, Willow Grove – Will be closed. This location was inherited in the 2016 acquisition of Fox Chase Bancorp.

On June 30, 2021:

    • 191 W. State St., Doylestown – Will be closed with staff and operational capability being relocated to the bank’s existing Bucks regional office in Doylestown.
    • 23 W. Highland Ave., Chestnut Hill – Will be closed. This location was inherited in the 2015 acquisition of Valley Green Bank.
    • 5829 Easton Road, Plumsteadville – Will be closed.
    • 545 Constitution Ave., Perkasie – Will be closed.

Schweitzer said Covid-19 accelerated the existing trend away from brick-and-mortar branching and toward online and mobile options. He said in-branch transactions are down 21% from 2019. At the same time, Univest has invested in several new digital offerings and unveiled them to customers over the past year:

    • Secure Chat – 41% of service center customer contact now occurs through this chat function unveiled last year.
    • MyCard Rules – Gives customers more control over their debit cards, including merchant and spending categories.
    • Money Manager – Personal financial management tool unveiled on June 30, which provides functionality such as spending category tracking, aggregated account views and a net worth summary; more than 3,450 customers are utilizing the tool without awareness raised by marketing.
    • OpenAnywhere – Digital deposit account opening system launched on July 17 that allows customers the ability to open consumer checking and savings accounts and to transact against their account immediately. The bank said it has opened 257 new accounts so far, 22% of which were new customers, without the benefit of marketing.
    • Zelle – A person-to-person payment mechanism similar to Venmo will be added to the bank’s mobile app in November.

While the $6 billion-asset Univest has been consolidating numerous branches, it still has plans to open new ones — with the focus on its westward expansion. In the works are locations in West Lawn, York and Mechanicsburg.

The pace of bank branch closings has picked up significantly during the pandemic. Between annual FDIC reports on June 30, 2019 and June 30, 2020, there were just over 2,642 U.S. bank branch closures and nearly 1,179 new branch openings for a net decline of 1,463 branches. Both the number of closures and the number of new branches are the highest in the last 10 years, and several banks with major Philadelphia-area operations are the most avid consolidators.

Wells Fargo Bank is in the process of closing hundreds of branches as part of a broader cost-cutting program. PNC Bank is undergoing a similar transformation. Several of Univest’s regional bank peers have engaged in similar strategies. Fulton Bank recently announced plans to cut 10% of its footprint.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

ACME Markets Opens New Store at 40th and Walnut

ACME Markets, a Philadelphia based company, has opened its newest store at 40th and Walnut (former Fresh Grocer location) this morning.

Here are some more details on what the new store includes:

  • A Deli department featuring such meal solutions as sushi, Poke bowls, Asian hot bar, focaccia pizza, BBQ station, and ACME’s first ever Sally the Robot salad station
    • A full-service Butcher Block featuring fresh cut meats prepared daily by on-site butchers and a full-service seafood department
    • A bakery with freshly made pastries, hot Italian bread, cookies, and cakes for special occasions
    • Natural, organic, and gluten-free products throughout the store
    • A beer and wine section, featuring local craft beer options
    • In-store Starbucks

The store is open daily from 6 a.m. – 11 p.m.

Individuals interested in staff positions at the new store, can apply here.

A virtual ribbon-cutting ceremony for the new store was held on Thursday. At the ceremony, the ACME Markets Foundation donated $50,000 ($10,000 per organization) to several organizations fighting hunger and supporting the West Philadelphia community: Share Food Program, Greater Philadelphia Coalition Against Hunger, Netter Center for Community Partnerships, Together for West Philadelphia, and Philadelphia School District Home & School Council.

*Articles Courtesy of West Philly Local

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Five Below Bucks Retail Trends as it Opens Dozens of New Stores, Remodels Others

As many retailers struggle during the pandemic and against online competition, Five Below Inc. has defied both challenges and has seen sales rise, new stores open and its share price climb back up to pre-pandemic levels.

The Philadelphia-based discount retailer opened a record 63 new stores in the second quarter and by the end of the year expects to have a total of 1,020 stores in its portfolio. That’s up from 900 it had at the beginning of the year.

The company is also spending heavily to remodel some of its older stores to reflect changes brought on by the pandemic, what its target consumer — tweens and teens — wants these days and areas where it sees growth. Think gaming, nesting and “snarky” T-shirts.

The company most recently completed a two-week renovation to its 13,000-square-foot store at 1529 Chestnut St. in Center City, which is its among its largest. The company opened the location in September 2015 and will hold a toned down grand re-opening of the store this Friday.

While the cost of fitting out a new store is about $300,000, company officials declined to divulge how much a remodeling job costs.

In a recent CNBC interview, CEO Joel Anderson said that the retailer “is about being a little snarky, catering to kids and having a great time when you come to store.”

The renovated Chestnut Street store reflects all of that. The store has new graphics that capture its home of Philadelphia, brighter lighting as well as new displays and check out registers that are six-feet apart. A constant drone of up beat music adds to the shopping experience.

The renovated store has expanded several departments that are selling well these says such as T-shirts and beauty. “Casual wear has been great for us and tough for others,” said George Hill, executive vice president of retail operations for the company.

Mainstays such as books, basketballs and other toys remain. It has bulked up on items that cater to school and work from home, such as risers for desks and stay-at-home items such as blankets, room décor, puzzles, games and crafts. There are also other pandemic-related products such as masks and hand sanitizer. Pet items, such as wipes, beds and shampoos, also take up more shelf space than before in a reflection of more people owning pets during the coronavirus outbreak.

While it always had an expansive candy selection, Five Below (NASDAQ: FIVE) is delving deeper into providing a larger line of grocery-related products including snacks items such as cheese balls and pistachios along with grab-and-go food such as ramen and cereals.

 

While its founding strategy was to sell items for $5 or less, it has expanded that into what it calls “Five Beyond,” which are items sold for $10 or less. It tested the concept out in 25 stores over the last couple of years. Customers suggested that they preferred they didn’t mind paying more than $5 for an item but wanted those products in a separate, designated section.

At the Chestnut Street store, Five Beyond products are on the second floor and part of the company’s expansion into gaming products that also compliment the company’s foray into esports and its partnership with Nerd Street Gamers. Last week, Nerd Street Gamers opened the first of its Localhost locations in Five Below stores in Philadelphia and Texas, with plans for a third near St. Louis.

Localhosts are an esports venue where people can train, compete in tournaments or play video games casually. The Philadelphia location is inside a Five Below store in the Bakers Centre shopping center in East Falls.

Five Below is also launching an exclusive line of what is calling Bugha products that is part of its partnership with Kyle “Bugha” Giersdorf, winner of the Fortnite World Cup. Those products will be available online this week and eventually put in stores nationwide.

The remodels, new stores and products have bolstered its bottomline in spite of the pandemic. When the company reported fiscal second quarter results last month, it saw sales increase by 2.1% to $426.1 million from $417.4 million in the same period a year ago. However, comparable stores sales — locations opened at least a year — decreased by 12.2% as a result of all of its stores closing as part of the pandemic-related shutdown over the spring. Though its shoppers aren’t frequenting its stores as often as they used to, they are buying more items on each trip.

Income rose to 53 cents a share, up from 51 cents in the second quarter of fiscal 2019. The company’s stock closed on Oct. 20 at $134.90 a share. In mid-March, it had been at around $52 a share, having started the year at $127.65.

All of which appears to be an anomaly in these times when retailers are either filing for bankruptcy or shuttering stores.

“This time we’re in right now, parents and families are all living in a different situation and they are looking for a place to save money, have a great experience and be in a safe environment and I think we’re doing all three for them,” Anderson said on CNBC.

*Articles Courtesy of Philadelphia Business Journals

For more information about Philadelphia retail space for sale or lease in Philadelphia or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Retail Space for Lease in South Philadelphia

Wolf Commercial Real Estate, the foremost Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, now is offering premier Philly retail space for lease at 925-927 South Ninth Street Philadelphia PA.

This Philly retail building for lease has an excellent location in the heart of the city’s iconic Italian Market across from outdoor seating and gourmet shops and this Philly retail space for lease is a corner property with highly visible signage.

The asking lease price for this retail space in Philly at 925-927 South Ninth Street Philadelphia PA is $28.00/sf NNN. This retail space in Philly is available for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

There is a total of 2,388 square feet of Philly retail space for lease at this Philly retail building for lease at 925-927 South Ninth Street Philadelphia PA. This retail space in Philly is available for immediate occupancy and there is both first floor and basement space available at this retail space in Philly.

This retail building for lease in Philly is across from several well-known businesses such as DiBruno Bros. This retail space in Philly is available through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Nearly 45,000 potential customers live within one mile of this Philly retail space for lease at 925-927 South Ninth Street Philadelphia PA and the average household income within that same radius of this retail space in Philly is $74,055.

For more information about this Philly retail space for lease at 925-927 South Ninth Street Philadelphia PA or about any other Philly commercial properties for sale or lease, please contact Phil Costa (215-799-6195; phil.costa@wolfcre.com) or Ryan Barikian (856-857-6307; ryan.barikian@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, warehouse properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philly commercial properties for lease or sale through our Philly commercial real estate brokerage firm.