NEW YORK — Century 21 is taking its brand of designer bargains to the City of Brotherly Love.
This story first appeared in the April 28, 2014 issue of WWD. Subscribe Today.
The off-price department store retailer said that it will be the anchor tenant at the The Gallery, which is being redeveloped by Pennsylvania Real Estate Investment Trust. The store will be 100,000 square feet, with 16,000 square feet on the ground floor and the bulk of the space on the second level of the former Strawbridge’s building at 801 Market Street. The company said Century 21’s first venture outside the New York market will open in the fall.
PREIT’s vision for The Gallery at Market East is being viewed as a catalyst for plans to renovate the City Center retail complex, which is in the heart of Philadelphia where mass transit, tourists, residents and workers converge, the company said. “With this transaction, our vision to create Philadelphia’s only transit-oriented, retail-anchored multiuse property offering accessible luxury retailing and artisan food is becoming a reality,” said Joseph F. Coradino, chief executive officer of PREIT. “Century 21 is the ideal brand to change the retail landscape of this city and attract new shoppers to the Market East corridor and more exceptional first-to-the-region retailers to the project.”
“This move represents an important time for Century 21 Department Store as we continue to grow our brand and expand throughout the East Coast,” said Raymond Gindi, ceo of Century 21 Department Store.