The Downtown Crossing neighborhood is facing major change and development.
Most recently, one major retailer has closed its store after a 15 year stint in the shopping district, according to the Boston Herald.
H&M’s 35,000 square foot space closed this weekend, stating that store closures are a natural occurrence, especially when many stores are located relatively near each other.
The Downtown Crossing location opened in September 2001 and since then H&M have also opened a Newbury Street store in 2006 and a Cambridge location in 2004.
Experts suggest that different factors contributed to the closure, including the opening of the discount retailed Primark opening nearby last September.
There are plenty of improvements and upcoming development for the neighborhood, including increased residential properties and restaurants.
With these additions it is natural that rent would most likely increase and there is a chance that this increase was not worth it for the retailer.
However, due to this huge amount of development, there aren’t many concerns that there will be any trouble filling up this space after their departure.
The city is determined to keep this area growing and developing and the current rents are most likely still below-market.
There is the opportunity for retailers to really make an impact on the area.
Check back to hear more about how the Downtown Crossing neighborhood continues to develop.