Reading Terminal Market generates an estimated $126 million in economic activity in Philadelphia and $4.2 million in state and local tax revenues.
One in five out-of-town visitors stops inside the 133-year-old Center City market, and RTM leaders believe nowhere in Pennsylvania accepts more payments through the Supplemental Nutrition Assistance Program.
Those numbers were incorporated into RTM’s inaugural economic and community impact study, which was released Tuesday.
“I think intrinsically people know how important we are to Philadelphia, but we needed to start to put hard numbers against it,” said Annie Allman, leader of the Reading Terminal Market Corporation, the nonprofit that manages the market.
Allman presented the findings to officials from Mayor Cherelle Parker’s administration, City Council staffers and other stakeholders. The corporation partnered with merchants to commission the report, completed by Econsult Solutions Inc.
Gina Lavery, president of the consulting firm, said her team gathered information from a variety of sources, including a survey of the more than 75 independent vendors housed within the market. The conclusion? RTM is a “serious economic engine,” Lavery remarked.
The market directly or indirectly sustains 650 jobs in the city, according to the 24-page analysis. Nearly 6 million people walked into RTM last year, making it the most visited attraction in Philadelphia, the study said. Among patrons, there is an almost even split between local residents and tourists.
RTM is a strong draw for major conferences at the adjacent Pennsylvania Convention Center, which owns the former railroad station complex, the study found.
More than half of the locations in Center City that accept EBT cards through SNAP are located in the market, according to the report.
About 60% of the vendors are woman-owned or co-owned, and a third are minority-owned, Lavery’s presentation stated. Two years ago, RTM brought back its day stall initiative to give prospective merchants a trial run.
“As a nonprofit, the market can take chances on people and small businesses that otherwise wouldn't get that chance,” Lavery said. “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.”
Beyond the metrics, Lavery added, RTM presents a positive image of Philadelphia in international media and elsewhere. It is often ranked as the best or among the top public markets in the country.
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