The Ritz Theatre was located at 819 Penn Street, across from the Kissinger-Farmer’s Market. It was originally called the Crescent Theatre when it opened:
The Crescent Theatre was opened in 1910. In 1913 it was renamed Princess Theatre. It was re-named Arcadia Theatre in 1928, taking the name of the Arcadia Theatre which had burnt down that year. Closed for several years in the 1930’s, it was reopened as the Ritz Theatre in 1941. By 1950, it was operated by the Fabian Theaters chain. It was demolished in the 1950’s. –Cinema Treasures
A 1928 Reading Eagle article:
The Ritz Theatre was torn down in 1950s to make room for a parking lot.