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.