Changing Marketplace
Faced with growing competition in a changing retail landscape, Lit Brothers closed its doors in 1977. One of Lit's larger competitors, Gimbels, built a new store in Center City as part of The Gallery Mall in 1977, and while Lit's was only one block away from The Gallery, not being a direct part of the popular new complex hurt sales at its important flagship location. The famous flagship location sat vacant for a number of years, and was rescued and redeveloped as a regional headquarters for Mellon Bank, with retail stores on the street floor, and a food court on the lower level. For a few years after the building reopened in the mid-1980s, sections of the Enchanted Colonial Village were displayed in the retail section during the holiday shopping season.
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Famous quotes containing the words changing and/or marketplace:
“People’s affections can be as thin as paper; life is like a game of chess, changing with each move.”
—Chinese proverb.
“It is the marketplace that calls most clearly for men to be softer, more narcissistic and receptive, and the new man is the result.”
—Barbara Ehrenreich (b. 1941)