Off-price fashion retailer Century 21 will soon set up shop in Philadelphia, its first location outside of New York.
The discount department store will be the anchor tenant at The Gallery, which is under redevelopment by the Pennsylvania Real Estate Investment Trust (PREIT).
Raymond Gindi, CEO of Century 21, said, “This move represents an important time for Century 21 Department Store as we continue to grow our brand and expand throughout the east coast.” He added, “For over 50 years, we’ve been a destination within the New York market for high-end fashion consumers looking for incredible values, and now we’re excited to share our unique shopping experience with the city of Philadelphia. Century 21 is proud to become a part of the Philadelphia community as well as the newly re-launched Gallery.”
The store will be a 100,000-square-foot space in the former Strawbridge’s at 801 Market St. in Center City.
According to a report in the Philadelphia Business Journal, some had hoped for a big name luxury department store but, despite that, Century 21 is expected to attract customers and other tenants to help revamp The Gallery.
“There’s a ripple effect that comes off of those players [high volume anchor tenants] and Century 21 accomplishes that,” Doug Green of retail brokerage Michael Salove Co. told the Business Journal. “Any project of that size needs a large-scale anchor to drive traffic and Century 21 will certainly activate and drive traffic in that regard. It has an incredible, diverse following and that is why it is so great for the Gallery.”