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Not even giant, burly rats can put a damper on the desirability of Rittenhouse Row. Walnut Street rental rates rose by 34% in the last year, making the shopping corridor home to the fastest rising retail rental rates in the country, reports the Philadelphia Business Journal.
According to the Colliers' 2013 Global Retail Highlights Report, the rising rates have lured national brands capable of paying $107/square foot for a prime Walnut Street storefront. Instead of bringing up the hot button "mall-ification" debate, we'll just say we're happy retailers like Madewell, Theory, and Intermix have made a home here.
· Walnut Street retail is hot, report says [Philadelphia Business Journal]
· Rittenhouse Row on Walnut Street 'Mall-ification': Stop the Panic! [Racked Philly]
· Madewell's Head of Design Picks 5 Must-Haves for Fall in Philly [Racked Philly]