Midtown Village Festival in Philadelphia not returning this year due to rising costs, lack of sponsors

The beloved Midtown Village Fall Festival is not returning this year in Philadelphia.

"We always made a big deal out of it," said Lori Smith, owner of Kilwins Philadelphia.

It's been an annual tradition and a big business day for shops in the area.

"You basically have a captive audience and then it becomes to me as a business owner, how do I capitalize on that?" Smith said.

This year, Smith and small business owners won't have that chance.

Organizers from the Midtown Village Merchants Association told the community the festival won't be returning this year.

"Everybody got a boost out of it," said Fergus Carey, owner of Fergie's Pub and president of Midtown Village Merchants Association.

Carey blames rising costs and a lack of sponsors for the cancellation of the beloved tradition.