Jonathan Berk recently walked up Newbury Street and spotted a lot of empty storefronts. But is it as bad as it seems?
Counted +-50 vacant #retail spaces on Newbury Street, one of world's prime shopping streets. Too expensive? Not the destination it once was? Product of shrinking retail climate? Other?
Actually many of those buildings are leased and will be opening in the spring. Newbury consists of over 360 retails stores...close to 90% occupied. Not too shabby...sorry to spoil the negative thoughts.
It is that way every winter...look at the historical data. January-March is always the highest vacancy rate on Newbury. It is also the best time to build out stores for a spring opening.
Berk, though, said a lot of the empty spaces were not in UrbanMeritage buildings.