Landlords Broaden Horizons in Search for Right Mix
By Steve Adams | Banker & Tradesman Staff
A former A.C. Moore store in Cambridge’s Fresh Pond Mall will be replaced by Central Rock Gym’s 12th Massachusetts location. Photo by Alex Peacher | Courtesy
Retail landlords may have found a roadmap to stability after the rapid evolution of shopping patterns, shaking up their tenant rosters with new entertainment and indoor sports concepts in a bid to make inroads with Generation Z.
From a new rock-climbing gym at Cambridge’s Fresh Pond Mall, high-tech golf in the Natick Mall to a proposed combination cannabis dispensary and recording studio at Faneuil Hall Marketplace in Boston, landlords are embracing non-traditional tenants as staples of the retail landscape.
As digital natives who grew up in an era of online shopping, the Generation Z cohort – whose oldest members are now 25 – represent a challenging but potentially lucrative demographic for brick-and-mortar operators.
“Landlords are always trying to get the next generation on board, and there’s a certain level of credibility to get the stamp of approval from younger shoppers,” said Whitney Gallivan, head of retail leasing and capital markets with Boston Realty Advisors.
At the Natick Mall, the Puttshack entertainment company has signed a 15,000-square-foot lease for its second Boston-area location, after opening a larger 2-story location at 58 Fan Pier Blvd. in Boston’s Seaport District earlier this month. The Chicago-based chain blends high-tech indoor golf with an extensive food and bar menu.
Read full article on Banker & TradesmanTags: Banker & Tradesman, Boston Real Estate, Boston Realty Advisors, Boston Retail, In the News, Retail, Retail Real Estate, Whitney Gallivan