BOSTON Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Boston | 2019 0 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 $93 billion in retail sales in the Boston- BOSTON Cambridge-Quincy Metropolitan Statistical Area in 2018, the market is filled with a vast array of unique and vibrant neighborhoods that offer a range of opportunities for OVERVIEW retailers, from distinctive "mom & pop“ shops to well- known global brands. Cushman & Wakefield | Boston | 2019 1 BOSTON KEY RETAIL STREETS & AREAS NEWBURY STREET PRUDENTIAL CENTER AND COPLEY Newbury Street is the upscale shopping area in Boston's PLACE MALL historic Back Bay District, a district whose annual retail The Prudential Center and Copley Place Mall are sales total over $1.8 billion. The line of 3-4 story bay connected together by a walkway and are located in the window brownstones on Newbury Street begins at the heart of Boston's historic Back Bay. Prudential Center is a Public Garden and ends at Massachusetts Avenue. 3.2 million-sf mixed-use urban center. At the base of the Newbury Street is one of the most expensive tower there is 620,000 sf of retail space with more than 70 neighborhoods in Boston hosting the finest retail stores retail stores anchored by Saks Fifth Avenue and Lord & and restaurants. It consists of luxury and global brands, as Taylor. The mall walkways are covered with atrium-style well as themed and specialty stores like the Restoration glass ceilings that are known as arcades. Copley Place Hardware Flagship Store in the refurbished Museum of Mall is an upscale mixed-use complex located on a 9.5- Natural History Building. There are a number of spas, acre site, it includes two levels of shopping, restaurants, salons, bars and restaurants catering to wealthier four office buildings, 1,400 parking spaces and two hotels. residents and tourists. Some of the luxury stores include Neiman Marcus, Barneys New York, Tiffany & Co., Jimmy Choo. FANEUIL HALL MARKETPLACE DOWNTOWN CROSSING Faneuil Hall Marketplace's main complex is comprised of Downtown Crossing is considered one of the most a South Building, central Quincy Market Building, and bustling shopping districts. It is located at the intersection North Building. The central Quincy Market building houses of Washington, Winter, and Summer Street next to the restaurants, bars, and push-cart vendors with atrium-style Financial District. For a long time it has attracted a large enclosures on both sides. There is a sizable food court crowd during workweek hours and now boasts a growing located under the impressive old dome in the center of the population. Over $2.4 BN has been invested in the area structure. Faneuil Hall features 100 of the finest shops over the past ten years. European discount retailer and specialty pushcarts. Locally-owned treasures, Primark occupies 112,00 sf in the former Burnham nationally recognized retailers, and the Bullmarket, the Building adjacent to the Millennium Tower, with 70,000 sf world's first "fleet" of unique pushcarts featuring New of retail space and 52,000 sf of office space. England artisans. Cushman & Wakefield | Boston | 2019 2 BOSTON MARKET OVERVIEW KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT RANGE OF UNIT STREETS/SHOPPING PROFILE FOR UNIT OF 2,000 SIZES CENTERS SQFT Tourist, Local H&M, American Apparel, Forever 21, Allbirds, Bulgari, Cartier, Richard Newbury Street Business Density, Zara, Urban Outfitters, $90 - $300 NNN 1,000-16,000 SF Mille, Tiffany & Co., Local Shoppers Banana Republic, Ann Taylor Tourist, Local HomeGoods, Caffe Nero, Legal Macy's, Primark, TJ Maxx, DSW, Gap Downtown Crossing Business Density, Seafoods, King Street Tavern, $80 - $250 NNN 1,000-7,700 SF Outlet, Footlocker Local Shoppers Barry's Boot Camp, Serafina Saks Fifth Avenue, Lord & Taylor, Tourist, Local Prudential Center & Sephora, Neiman Marcus, Eataly, L.L. Bean, Canada Business Density, $90 - $200 NNN Varied SF Copley Place Mall Barneys New York, Tiffany & Co., Jimmy Goose, Kate Spade Local Shoppers Choo Tourist, Local Ann Taylor, Godiva Chocolatier, Coach, Sephora, Magnolia Bakery, Sam Faneuil Hall Marketplace Business Density, $70 - $250 NNN 450-6,050 SF Urban Outfitters, Victoria's Secret Adams Brewery Local Shoppers Cushman & Wakefield | Boston | 2019 3 BOSTON FOOD & BEVERAGE Boston is home not only to America’s The Seaport area has emerged as Boston's latest hot spot due to ongoing redevelopment in the area. A bevy of new oldest restaurant (Union Oyster restaurants have recently opened up in this burgeoning House), but also many of its newest. neighborhood. The most impressive attractions include Del Frisco's Steakhouse and a three level Legal Sea North End is the "Little Italy" of Boston with over 80 Foods, both situated beside the Boston Harbor with restaurants, bakeries and gelato shops catering to mostly outstanding views. Italian cuisine. The North End, considered "Old Boston," is a popular destination for historical tours. Those seeking Harvard Square, known as the "Square," has a lively authentic Italian food will find themselves at Antico Forno. scene with a consistent mix of students, tourists, and locals dining out. Craigie on Main, awarded as one of the Newbury Street is the trendiest neighborhood in Boston. best restaurants in Boston, calls the "Square“ home along Luxury retail stores, upscale restaurants and bars set in a with Russell House, Grafton Street, and iconic Hong line of brown stones attract heavy foot traffic from both Kong. tourists and residents alike. Anyone who wants to be "seen" can be found dining at restaurants like Sonsie and Kendall Square is in East Cambridge and home to MIT. It Stephanie's. boasts a bustling business and retail environment, with free live entertainment showcased during the summer. Back Bay is a staple for Boston food connoisseurs with its Kendall Square has attracted a number of top chefs and diverse range of restaurants. At Back Bay you can find hip restaurateurs in recent time. Mainstays include Meadhall, nightspots like Lolita Cocina & Tequila Bar and Towne Area IV. Abigail's and Catalyst. In the adjacent Stove & Spirits, classic dive bars like the original neighborhood of Inman Sq. newcomer Puritan & Bukowski's, as well as upscale dining that hugs the Company sources local farms for exquisitely prepared sidewalk like Atlantic Fish. traditional New England fare. The food truck craze has swept Boston. Bostonian "foodies" have even more dining options with trucks like Bibim Box, 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. Cushman & Wakefield | Boston | 2019 4 BOSTON FOOD & BEVERAGE MARKET OVERVIEW KEY AREAS CONSUMER FOOD & BEVERAGE OPERATORS RENT FOR PROFILE INCLUDING 3,500 SQFT UNIT Taranta, Pomodoro, Neptune Oyster, Galleria Local residents Umberto, Carmen, Davide, Mare Oyster Bar, North End population, $50 - $80 NNN Teramia Ristorante, Antico Forno, Pizzeria Tourism Regina Local residents Sonsie, Stephanie's, Itadaki, The Creperie on Newbury Street population, Newbury, Umai Sushi, Ciao Bella, Joe's $80 - $125 NNN Tourism American Bar & Grill, Lolita's Local residents Menton, Flour Bakery & Café, Morton's The population, Steakhouse, Sportello, Legal Sea Foods, Seaport $50 - $150 NNN Tourism, Local Yankee Lobster Company, Aura, LTK, 606 business density Congress, Del Frisco's Local residents Toro, Oishii Boston, Flour Bakery & Café, population, Hamersley's Bistro, Mistral, Metropolis Café, South End $40 - $65 NNN Local business B&G Oysters, Giacomo's, Coppa, Franklin density, Tourism Café, Boston Chops, The Gallows Local residents L'Espalier, Top of the Hub, Sorellina, Clio, population, Douzo, Uni, Grill 23 & Bar, Abe & Louie's, The Back Bay $80 - $175 NNN Local business Bristol Lounge, Parish Café, Bukowski's, density, Tourism Towne, Sweet Green Local residents Hillstone, North 26, Pizzeria Regina, Union population, Oyster House, McCormick & Schmick's, Faneuil Hall $70 - $100 NNN Local business Wagamama, Anthem Kitchen & Bar, density, Tourism Bertucci's, Cheers Ten Tables, Craigie on Main, Bondir, Plough & Local residents Stars, Qingdao Garden, Helmand, Café Sushi, population, Cambridge Salts, Grafton St. Park, Russell House, Area $60 - $175 NNN Local business IV, Bue Room, Meadhall, Abigail's, Catalyst, density, Tourism Puritan & Company, Central Kitchen Cushman & Wakefield | Boston | 2019 5 ERIKA SCHANKE Managing Director Americas Retail Services 1290 Avenue of the Americas New York, NY 10104, USA Tel: +1 212 841 5024 Mob: +1 404 680 4363 [email protected] No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2019 Cushman & Wakefield. 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