The retail world has taken some heavy hits in. recent years. But people still shop, dine out, and socialize in public. Destinations are still king, and Boston has a crown jewel: Faneuil Hall Marketplace.

Even the best ones require proper management and curation. They have to keep up with the times, and Boston’s premier historical features and shopping and visitor location has not. It’s a huge opportunity sitting there waiting.

Faneuil Hall was built in 1742 as a central market and gathering place. It was successful and expanded to Quincy Market, the long center building, in 1826, and then to the South and North Market buildings a year later. Today it is known as Faneuil Hall Marketplace.

But the three bright, noisy corridors, with quaint cobblestone walks separating the markets, have lost their luster and bustle. Partly due to a change in ownership, the look and feel and tenant roster became stale.

The Marketplace needs a thoughtful makeover and some loving care, with attention to what made it successful in the 1820s and again in the last quarter of the 20th century. Faneuil Hall Marketplace needs a fresh Boston identity.

With something over 200,000 square feet of retail space in the three buildings, the market now has about 80 spaces. It hardly gets noticed, but there is also about 150,000 square feet of office space at the Marketplace, and maybe there are better uses today — even for a boutique hotel. Imagine going back home to Tulsa and telling friends you stayed at Faneuil Hall Marketplace.

But retail is the key to the Marketplace’s future, as it was to its origins. And this isn’t the only historic urban gem fighting for economic life in the 21st century.

Of about 30 restaurants and other food shops in the three buildings, most are local, but they need to be refreshed. Visitors to any city love to hear about where local residents prefer to go to eat, drink and hang out. Boston chefs know what they’re doing, and they should be doing it in Faneuil Hall Marketplace as well as the Seaport, Back Bay and suburbs.

The Marketplace could also benefit from collaboration co-tenancy. Nearby Sephora is a magnet. Shoppers like similar brands clustered, so they can browse and compare. Nothing sells like Boston sports, and with one or more of our teams usually winning there’s demand for branded merch.

Making Faneuil Hall Marketplace great again isn’t an overnight task. The place needs a five- to seven-year plan and an operator willing to stick with it. As important is that the City of Boston recognize the value of investing, stepping up and offering some financial concessions. Officials have to understand what will be wasted if the Marketplace, right there in the shadow of City Hall, languishes.

By Whitney Gallivan, originally published in the August 16-22, 2024 issue of Boston Business Journal. The more extensive version can be found at Boston Business Journal’s website.