A wave of retail bankruptcies has left more than $1 million square feet of vacant space across Greater Philadelphia, but it may be setting the stage for transformation in Montco, writes Noah Zucker for Bisnow.
King of Prussia’s former Bed Bath & Beyond at Valley Forge Center has already been successfully subdivided and re-released to Trader Joe’s and Five Below. In Jenkintown’s Noble Town Center, a similar space is being carved up for new tenants. Barnes & Noble and Ulta Beauty are eyeing the spot. Ardmore West is doing the same with a shuttered Rite Aid, slicing into four or five leasable units.
With outdated leases ending, landlords now “have the ability to unrestrict the shopping center in many cases,” said Doug Green, Principal of real estate consultancy MSC.
The transformation isn’t so straightforward everywhere. Big box spaces are often too large for modern tenants, and subdivision requires significant capital. Still, gyms, wellness centers, and entertainment venues are jumping in. Club Studio Fitness is converting 50,000 square feet in Wynnewood into a boutique gym and spa.
As struggling chains exit, suburban hubs like King of Prussia, Jenkintown, and Ardmore are adapting fast.
Read more about the ever-changing retail landscape in the Philadelphia region in Bisnow.
