19th century

A parcel of land owned by John Brown on the corner of Walnut and 9th street in Philadelphia was sold to Victor Pépin and Jean Baptiste Casmiere Breschard for $11,058 on October 4, 1808.^[8] A theatre, going by the name of The New Circus,^[4] was built on the parcel by the pair, who formed the Circus of Pepin and Breschard, which toured the United States from 1807 to 1815.

Pépin and Breschard constructed numerous venues in cities along the U.S. East Coast, which often featured, along with performances of their circus, classical plays as well as horse dramas.^[9] Their first show was performed on February 2, 1809.^[10]

In 1811, the two partners commissioned architect William Strickland to design and construct a stage and orchestra pit for theatrical performances.^[5] They also bought another parcel of land from Brown for $6,250 on February 1, 1811, to increase the size of the theatre.^[11] The theatre's name was changed to The Olympic, with a reopening on January 1, 1812.^[12] The first theatrical productions staged at The Olympic were The Rivals and The Poor Soldier.^[13]

The building was put up for auction in a sheriff's sale on February 5, 1813, but there were no bids and the lien holder James Clemson gained control of it.^[14] Charles Bird, an attorney, bought the building at a public auction on November 29, 1814, for $12,650.^[15] Pépin re-purchased the building on October 21, 1818, with the help of a group of stockholders, for $34,000.^[16] He then, in turn, sold it to an attorney and two merchants for the same price and they established a trust with 115 members known as the Proprietors of the Walnut Street Theatre.^[16] William B. Wood and William Warren, who managed the Chestnut Street Theatre until it burned down in 1820, leased the theatre on Walnut Street and paid for renovations to the building.^[17]

They renamed it Walnut Street Theatre in 1820,^[4] with an opening performance of Wild Oats and The Agreeable Surprise in November 1820.^[18] The name of the theatre was changed back to The Olympic with its reopening on September 3, 1822, for equestrian and theatrical performances.^[19] The theatre became the Walnut Street Theatre again by 1828.^[5] Edwin Booth and John Sleeper Clarke purchased the theatre on October 5, 1863, for $100,000.^[20] In March 1871, Clarke bought out Booth's share of the theatre.^[21]

20th century

In June 1923, the Marx Brothers premiered their first show, I'll Say She Is at the Walnut.^[22]

Between 1932 and 1940, the theatre ran movies and hosted vaudeville and burlesque shows when it was not dark.^[23] The theatre became part of The Shubert Organization in 1941.

On October 15, 1966, Walnut Street Theatre was designated a National Historic Landmark, and in 1969, the theatre was purchased by a non-profit organization and turned over to the new Walnut Street Theatre Corporation. On September 23, 1976, it was the site of the first presidential debate between Gerald R. Ford and Jimmy Carter.^[24]

The theatre housed the Philadelphia Drama Guild until 1981.^[25] Walnut Street Theatre Company, a non-profit regional producing company, was formed in 1983 by Bernard Havard.^[25] In 1984, Walnut Street Theatre School was established and over 1,200 students enroll annually, and 1986 saw the introduction of the Independence Studio on 3 series. The company produces five productions per season on the theatre's main stage.

21st century

In 2008, the theater celebrated its 200th season of live entertainment. In 2010, it was the most subscribed theatre company in the world with 56,000 subscribers.^[26]