Wednesday, August 5, 2015

Another Gallery rumor

People who work in PREIT's Gallery retail complex on Market Street, where Kmart is moving out, tell us Century 21 - the Secaucus, NJ-based New York area retail chain, not the home-realty sales network - is planning to move in.

Another Gallery rumor

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Rumor has it that a Century 21 clothing store will be coming to The Gallery. (Photo from c21stores.com)
Rumor has it that a Century 21 clothing store will be coming to The Gallery. (Photo from c21stores.com)

People who work in PREIT's Gallery retail complex on Market Street, where Kmart is moving out, tell us Century 21 -- the Secaucus, NJ-based New York area retail chain, not the home-realty sales network -- is planning to move in. "That would be great, if it's true," Larry Steinberg at CBRE/Fameco tells me. "We've been after them to move to Philadelphia for a long time. It would be like having a Nordstrom's Rack." 

"We have worked with them and they are looking around, (but) they very strongly prefer to own the real estate that they open stores in, so that is a factor," warns retail broker Michael Salove of MSC Retail in Center City.

No comment from Century 21's boss ("He left for the weekend") or from PREIT. And remember that H&M, Ross, Target and others (a supermarket? a big restaurant?) have been reported that-close to signing in the Gallery area, but those deals didn't get done. When last heard from, PREIT was looking for an investment partner to upgrade the whole place. 

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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