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:
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