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Menino welcomes people like Nicki Doggart, who intends to open a chocolatier on Newbury Street. (Bill Brett for The Boston Globe) |
As Boston businesses struggle, Menino looks to fill vacancies
Boston Mayor Thomas M. Menino guided a tour bus filled with brokers and retailers yesterday, taking them to empty storefronts along Newbury Street and in the Fenway that he said were ripe for new businesses. Menino called on his guests to fill the nearly 20 spaces.
In return, Menino offered tenants that signed leases in the next six months advertising space on two outdoor displays in the city’s downtown for a month, a value of $5,000, according to a release.
“We’re giving them new incentives to maybe locate in the Newbury Street area of Boston,’’ said Menino, as he led his second annual Retail Opportunities Tour. “We’re being aggressive in the marketing of our city.’’
John F. Palmieri, director of the Boston Redevelopment Authority, said the incentives are in response to the recent recession, which has left Newbury Street littered with empty stores.
Retailer Nicki Doggart intends to open a high-end British chocolatier at 141B Newbury St., where Menino kicked off yesterday’s event. She said the economy has helped to bring down rents in the tony shopping district, although she declined to say what her business will be paying when it opens on Sept. 1. “There are some open spaces, and now is the best time for us to make the best of that,’’ she said. “We didn’t pay what the top rents were going for a few years ago.’’
In the past year, store closings have left some who lease property struggling to fill vacancies. Ronald M. Druker, president of Druker Co., said retail brokers are now cutting rents and offering incentives. “The fact is, retailers are struggling to survive,’’ he said.
The mayor’s tour was scheduled to precede the International Conference of Shopping Centers’ New England Idea Exchange, opening today at the Boston Convention & Exhibition Center.
Last year, the tour covered Downtown Crossing, Dudley Square, and the South Boston Waterfront. “This year we really heard from the Back Bay association and Newbury Street League that they needed some attention from the city,’’ said Susan Elsbree, spokeswoman for the BRA. “There is a lot that has changed in the Fenway. We wanted to make sure that they knew that Fenway was a neighborhood more than just a ballpark.’’
M.T. McGuire, director of Northeast franchise development for the Five Guys Burgers and Fries chain, which has five suburban Boston locations, said now that landlords are more accommodating, he plans to open in Boston before the end of the year. “There is that much more flexibility,’’ he said. “I’d say the market has softened up a bit. I have three letters of intent out and I’m here to look, hard.’’
Sean Sposito can be reached at ssposito@globe.com. 
© Copyright 2009 Globe Newspaper Company.
