Boston’s history of independence surrounded by its classic brick buildings and modern skyscrapers often makes headlines for high tech innovation, sustainable growth, and prosperity. Its highly educated population is ideal for retailers of all types. From high-end luxury to mass market discount, Beantown’s citizenry prides itself on knowing value when they see it.
Boston, home to some of the world’s top universities, has the highest percentage of college students of any major city in the U.S. The university atmosphere attracts a mix of diverse cultures and international influences, which contribute to Boston’s colorful and lively retail scene. Its educated population largely accounts for Boston’s relatively low unemployment rate and high income levels, which compare very favorably to other major U.S. markets. As a matter of fact, median household incomes in Boston are roughly 39% above national levels and attract a plethora of retailers looking to serve the needs of this affluent market. With over $88 billion in retail sales in the Boston-Cambridge-Quincy Metropolitan Statistical Area in 2015, the market is filled with a vast array of unique and vibrant neighborhoods that offer a range of opportunities for retailers, from distinctive “mom & pop” shops to well-known global brands.
NEWBURY STREETNewbury Street is the upscale shopping area in Boston's historic Back Bay District, a district whose annual retail sales total over $1.8 billion. The line of 3-4 story bay window brownstones on Newbury Street begins at the Public Garden and ends at Massachusetts Avenue. Newbury Street is one of the most expensive neighborhoods in Boston hosting the finest retail stores and restaurants. It consists of luxury and global brands, as well as themed and specialty stores like the new Restoration Hardware Flagship Store in the refurbished Museum of Natural History Building. There are a number of spas, salons, bars and restaurants catering to wealthier residents and tourists.
FANEUIL HALL MARKETPLACEFaneuil Hall Marketplace's main complex is comprised of a South Building, central Quincy Market Building, and North Building. The central Quincy Market building houses restaurants, bars, and push-cart vendors with atrium-style enclosures on both sides. There is a sizable food court located under the impressive old dome in the center of the structure. Faneuil Hall features 100 of the finest shops and specialty pushcarts. Locally-owned treasures, nationally recognized retailers, and the Bullmarket, the world's first "fleet" of unique pushcarts featuring New England artisans.
PRUDENTIAL CENTER AND COPLEY PLACE MALLThe Prudential Center and Copley Place Mall are connected together by a walkway and are located in the heart of Boston's historic Back Bay. Prudential Center is a 3.2 million SF mixed-use urban center. At the base of the tower there is 620,000 SF of retail space with more than 70 retail stores anchored by Saks Fifth Avenue and Lord & Taylor. The mall walkways are covered with atrium-style glass ceilings that are known as arcades. Copley Place Mall is an upscale mixed-use complex located on a 9.5- acre site, it includes two levels of shopping, restaurants, four office buildings, 1,400 parking spaces and two hotels. Some of the luxury stores include Neiman Marcus, Barneys New York, Tiffany & Co., Jimmy Choo.
DOWNTOWN CROSSINGDowntown Crossing is considered one of the most bustling shopping districts. It is located at the intersection of Washington, Winter, and Summer Street next to the Financial District. For a long time it has attracted a large crowd during workweek hours and now boasts a growing population. Over $2.4 BN has been invested in the area over the past ten years. European discount retailer Primark occupies 112,00 sf in the former Burnham Building adjacent to the Millennium Tower, with 70,000 sf of retail space and 52,000 sf of office space. Legal Seafoods and Caffe Nero recently opened in the neighborhood.
|KEY AREAS / STREETS/SHOPPING CENTERS||Consumer Profile||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000 SQFT||RANGE OF UNIT SIZES|
|Newbury Street||Tourist, Local Business Density, Local Shoppers||H&M, American Apparel, Forever 21, Zara, Urban Outfitters, Banana Republic, Ann Taylor||Room & Board, Tiffany & Co., Dolce & Gabanna||$130 - $200 NNN||1,000-16,000 SF|
|Downtown Crossing||Tourist, Local Business Density, Local Shoppers||Macy’s, H&M, TJ Maxx, DSW, Eddie Bauer Outlet, Footlocker||Caffe Nero, Legal Seafoods, King Street Tavern, Merchant, Barry’s Boot Camp, Serafina||$80 - $200 NNN||1,000-7,700 SF|
|Prudential Center & Copley Place Mall||Tourist, Local Business Density, Local Shoppers||Saks Fifth Avenue, Lord & Taylor, Sephora, Neiman Marcus, Barneys New York, Tiffany & Co., Jimmy Choo||Kate Spade, Saturday||$70 - $200 NNN||Varied SF|
|Faneuil Hall Marketplace||Tourist, Local Business Density, Local Shoppers||Ann Taylor, Godiva Chocolatier, Coach, Urban Outfitters, Victoria’s Secret||Frost Ice Bar||$100 - $200 NNN||450-6,050 SF|
Data as of May 2016
North End is the “Little Italy” of Boston with over 80 restaurants, bakeries and gelato shops catering to mostly Italian cuisine. The North End, considered “Old Boston,” is a popular destination for historical tours. Those seeking authentic Italian food will find themselves at Antico Forno.
Newbury Street is the trendiest neighborhood in Boston. Luxury retail stores, upscale restaurants and bars set in a line of brown stones attract heavy foot traffic from both tourists and residents alike. Anyone who wants to be “seen” can be found dining at restaurants like Sonsie and Stephanie’s.
Back Bay is a staple for Boston food connoisseurs with its diverse range of restaurants. At Back Bay you can find hip nightspots like Lolita Cocina & Tequila Bar and Towne Stove & Spirits, classic dive bars like the original Bukowski’s, as well as upscale dining that hugs the sidewalk like Atlantic Fish.
The Seaport area has emerged as Boston’s latest hot spot due to ongoing redevelopment in the area. A bevy of new restaurants have recently opened up in this burgeoning neighborhood. The most impressive attractions include Del Frisco’s Steakhouse and a three level Legal Sea Foods, both situated beside the Boston Harbor with outstanding views.
Harvard Square, known as the “Square,” has a lively scene with a consistent mix of students, tourists, and locals dining out. Craigie on Main, awarded as one of the best restaurants in Boston, calls the “Square” home along with Russell House, Grafton Street, and iconic Hong Kong.
Kendall Square is in Eastern Cambridge and home to MIT. It boasts a bustling business and retail environment, with free live entertainment showcased during the summer. Kendall Square has attracted a number of top chefs and restaurateurs in recent time. Mainstays include Meadhall, Area IV. Abigail’s and Catalyst. In the adjacent neighborhood of Inman Sq. newcomer Puritan & Company sources local farms for exquisitely prepared traditional New England fare.
The food truck craze has swept Boston. Bostonian “foodies” have even more dining options with trucks like Mei Mei Street Kitchen, The Dining Car, and Cookie Monstah. These trucks pull up and park across many neighborhoods in Boston and Cambridge, with the Financial District as the workweek destination.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATOR INCLUDING||RENT FOR 3,500 SQFT UNIT|
|North End||Local residents population, Tourism||Taranta, Pomodoro, Neptune Oyster, Galleria Umberto, Carmen, Davide, Mare Oyster Bar, Teramia Ristorante, Antico Forno, Pizzeria Regina||$50 - $80 NNN|
|Newbury Street||Local residents population, Tourism||Sonsie, Stephanie’s, Itadaki, The Creperie on Newbury, Umai Sushi, Ciao Bella, Joe’s American Bar & Grill, Lolita’s||$100 - $225 NNN|
|Seaport||Local residents population, Tourism, Local business density||Menton, Flour Bakery & Café, Morton’s The Steakhouse, Sportello, Legal Sea Foods, Yankee Lobster Company, Aura, LTK, 606 Congress, Del Frisco’s||$40 - $200 NNN|
|South End||Local residents population, Local business density, Tourism||Toro, Oishii Boston, Flour Bakery & Café, Hamersley’s Bistro, Mistral, Metropolis Café, B&G Oysters, Giacomo’s, Coppa, Franklin Café, Boston Chops, The Gallows||$40 - $65 NNN|
|Back Bay||Local residents population, Local business density, Tourism||L’Espalier, Top of the Hub, Sorellina, Clio, Douzo, Uni, Grill 23 & Bar, Abe & Louie’s, The Bristol Lounge, Parish Café, Bukowski’s, Towne, Sweet Green||$80 - $200 NNN|
|Faneuil Hall||Local residents population, Local business density, Tourism||Hillstone, North 26, Pizzeria Regina, Union Oyster House, McCormick & Schmick’s, Wagamama, Anthem Kitchen & Bar, Bertucci’s, Cheers||Varied $|
|Cambridge||Local residents population, Local business density, Tourism||Ten Tables, Craigie on Main, Bondir, Plough & Stars, Qingdao Garden, Helmand, Café Sushi, Salts, Grafton St. Park, Russell House, Area IV, Bue Room, Meadhall, Abigail’s, Catalyst, Puritan & Company, Central Kitchen||$40 - $250 NNN|
Data as of May 2016