Sears is negotiating to build near the Gallery. This fall, Banana Republic plans a flagship store at Broad and Walnut streets - three blocks from an existing Banana Republic. The retail renaissance began with the openings in recent years of chains like Home Depot and Wal-Mart along Delaware Avenue. Retailers' return to cities has been spurred by a drop in crime, a strong economy, a shift in shopping habits away from long Saturdays at the mall and the growth of information technology that allows chains to vary their product offerings from market to market. Unlike the one-stop shopping made popular by suburban malls, city retail chains are scattered throughout Center City.
More retailers translates into more jobs and increased tax revenue.
Lively shopping districts draw more visitors to a city and keep workers in town after 5 p.m. Philadelphia's retail renaissance is even more compelling considering the city has lost 100,000 jobs since 1987 and 107,000 residents since 1990. In a city that added just 100 jobs in 1996, retail is one of the few growth industries. Consider that Kmart brought 400 jobs when it opened at the Gallery. Skeptics note that many retail jobs pay only slightly above minimum wage, and that many are part-time. But retailers offer a steady source of entry-level jobs for high school graduates.