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The last vacant building on Chestnut Street's 1700 block has recently been sold, prompting an interesting quote from Larry Steinberg: "I expect rents on that block to continue to show substantial growth with the soon-to-open American Eagle Outfitters, Nordstrom Rack and Forever 21 nearby," the Rittenhouse Row Merchant's Association president/senior VP of CBRE | Fameco told the Inquirer today.
Rumors of the latter brand's arrival in Center City have been floating around for some time now, but this is the first "official" mention we've heard of the trendy retailer being in the works. As for Forever 21's exact location, the ever-so-secretive Steinberg is staying mum until they brand publicly discloses the info.
If Forever 21 does land on Chestnut Street, the retailer will join the leagues of soon-to-open stores Nordstrom Rack and Uniqlo (both of which we were first to confirm). Together, the trifecta of retailers could create the synergy necessary to rival what's happening two blocks south: "I can see retail traffic and sales on Chestnut Street soon outpacing Walnut," Steinberg says.
Stay tuned for updates.
Update (April 10): Maybe not: "At this time, there is no Forever 21 projected opening in Philadelphia," the retailer tells us. We'll be keeping an eye on this one.
· 1725 Chestnut sold for $2.2M: Retail or restaurant? [Philly.com]
· Michael Kors' Walnut Street Store Sets an Opening Date [Racked Philly]
· Today's 'Duh' News: Walnut Street Retail Is Hot, Hot, Hot [Racked Philly]