Reading Terminal Market is a significant “economic engine” for Philadelphia and the state, producing an estimated $146 million in statewide economic impact each year, a new study reported.
On Tuesday, Sept. 15, Reading Terminal Market CEO and General Manager Annie Allman joined city and state officials to present the results of the market’s first economic and community impact study, “Feeding the City, Fueling the Economy.”
According to an NBC10 Philadelphia report, the study noted $146 million in annual statewide economic impact, 740 jobs supported, $2.7 million in aggregated tax revenue for Pennsylvania, and close to 6 million annual visits.
“The Market is both a beloved civic institution and a powerful and vital economic engine for Philadelphia and Pennsylvania,” Allman stated in the study.
According to the report, the market supports approximately 650 local jobs and drives about $126 million in Philadelphia economic activity. The report also estimates the market generates $1.5 million in aggregated tax revenue for the city and $2.7 million statewide.
The inaugural impact report, conducted by Econsult Solutions for Reading Terminal Market Corporation, highlights the market’s role as a nonprofit that can take chances on small businesses and bolster the city beyond pure dollars spent.
Gina Lavery, president of the consulting firm that spearheaded the study, said her team collected information from various sources, including a survey of the more than 75 independent vendors housed within the market, a Metro Philadelphia report stated.
Reading Terminal Market was also cited as a significant source of SNAP/EBT benefits. Eighteen merchants participate in the benefits program, representing approximately half of Center City’s SNAP-accepting locations. That makes Reading Terminal Pennsylvania’s largest EBT/SNAP redemption site.
Additionally, the report says nearly 60% of Reading Terminal Market vendors are woman-owned or co-owned. About one-third are minority-owned, highlighting diverse ownership among market merchants.
“As a nonprofit, the market can take chances on people and small businesses that otherwise wouldn’t get that chance,” Lavery stated during her presentation. “If you look at commercial rent in Philadelphia, especially Center City, it is out of reach to first-time businesses for the most part. The market is one of the few places in the city where you can start small with real foot traffic and without signing a long-term lease.”
The connections between Reading Terminal Market and the Pennsylvania Convention Center also amplify economic impact for the city.
“As a key selling point for attracting conventions to Philadelphia, Reading Terminal Market gains customers from among conference attendees,” the report stated.