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As our definition of luxury shifts, Walnut Street evolves with it | Elizabeth Wellington

“The kinds of retail that we are chasing now is different from what we’ve traditionally chased,” explained Michelle Shannon, vice president of marketing and communications for the Center City District. When I met Shannon back in 2009, the Center City District was in the midst of touting a retail strategy that focused on luring designer specialty shops. To land Tory Burch or Alice + Olivia, Shannon said, would have been the ultimate coup. Not so much anymore. “When you open up [Women’s Wear Daily] and see retailer after retailer scaling down, I’m certainly not picking up the phone and calling them,” Shannon said. This trend in retail got its legs in the beauty industry over the last five years as blowout bars, lash bars, and braid bars became more popular. We didn’t mind spending a few extra dollars on people who specialize in blowouts or brows. That became a new form of luxury. >> READ MORE:  A la carte beauty and fitness: Why people spend more for lashes here, blowouts there Who is behind this lifestyle shift? Millennials, of course.

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