The Magnificent Mile it is not…
…but that doesn’t mean it couldn’t be a less-debaucherous South Street (Philadelphia).
As part of my Powelton Village Series, this post tackles the topic of RETAIL.
Currently, there is a disproportionate amount of money being spent away from Powelton’s immediate neighborhood. Ironically, countless city neighborhoods would kill for the type of unique character and accessibility (Route 10 Trolley, several SEPTA bus routes, and quainter-than-your-average sidewalks) that this area possesses. As stated by Urban Partners, over $40 million, $27 million, and $5 million are spent by residents, nearby office workers, and students, respectively, and yet Powelton manages to muster a mere 15% capture of this sum! Looks like a certain neighborhood doesn’t want it enough!
But seriously, the obstacle preventing substantial revitalization, I argue, is marketable commercial spaces. You’d be hard-pressed as a commercial broker to lure any restaurateurs or café owners to the tiny, and outdated (in every sense of the word) storefronts of Lancaster Avenue or the awkward vacant lots present on 34th street. Again, it boggles the mind that no thoughtful investment (and I’m not dismissing the businesses that contribute quality commercial ventures) has occurred given University City’s draw in bringing outside brands to the region- owing much to the captivated audience provided by the Universities.
Although close to Market Street, Drexel, and Penn’s ever-sprawling campus (kudos to them, there is always something being built…), Powelton’s commercial spines of Lancaster Avenue and 34th Street, continue to disappoint. Store acquisition, exterior renovation, and extensive interior reconfigurations are needed to reinvigorate the streets. Financing and loan structuring must be made attractive to entrepreneurs (yes, even in this economy…). Currently, there are no delusions of grandeur for the likes of Panera Bread- OMG, i know- setting down stakes. It’s the smaller, locally-honed, and unconventional retailers that will view the area’s quirkiness an asset to their image and ultimately, their bottom line.
As any real estate developer can attest, obtaining the right anchor tenant will successfully drive traffic to your site. Traditionally they were Department Stores, but contemporary anchors, like Target, sell common household products as well as big-ticket items, and therefore attract a broad cross-section of customers and activity. Perhaps that anchor will manifest itself in the form of Drexel’s new rec center (pictured) with an accompanying Landmark Americana restaurant. And while the new center will present an architecturally dramatic face toward Market Street, I feel this increased activity can be leveraged by Lancaster and 34th St. to signal to apprehensive investors that Powelton is indeed a viable market- and spare me the pizza shops, please.
IDEA!: And as part of this ongoing “I scratch your back, you scratch mine” community-university relationship, someone really ought to co-opt some Design & Merchandising students and solicit their services to fix the utterly sad window displays! We’re not in Market East territory as far as visuals go here, but I have the suspicion that the guilty shopkeepers deem their storefronts as “OK”- They are not. I pray for the day when I will be able to ambulate without being visually assaulted by ClipArt “Open” signs.
