Rising Rents A Problem For Newbury Street Shops
BOSTON (CBS) – Newbury Street’s post-recession retail recovery was highly touted, as a slew of new stores moved last year into spaces that emptied during the downturn.
But despite an increase in foot traffic due to a surge in tourism, vacancies and going-out-of-business posters still dot the high-end thoroughfare.
Julie Donnelly of the Boston Business Journal reports
Retailers lament what they say are bloated rents that rise annually — whether the economy is thriving or not.
The result, critics say, is too many small businesses can’t get traction.
Two clothing boutiques on the street have closed recently, just months after opening.
The owners of Newbury Comics, one of the most famous tenants, said the rent there has gone up about 20-percent in about 9 months.
Newbury Street has more than 300 buildings.