BOSTON-Pent-up demand by consumers is prompting a growth spurt in the Bay State that has led to a surge in the number of retail businesses in eastern Massachusetts, according to a new study by Burlington-based KeyPoint Partners LLC. "The Boston market really isn't trending any stronger than other areas of the country but there has been a pent-up demand for lifestyle centers in the Commonwealth," notes Bob Sheehan, a researcher with KeyPoint, which conducted the study of 189 eastern Massachusetts town and cities.
In the Greater Boston area alone, the opening in September of the 195,072-sf Wayside Commons in Burlington brought six new retailers to the area, including LL Bean, Justice Just for Girls, Blue Tulip, Arhaus Furniture and Williams-Sonoma's latest venture, West Elm. Two other lifestyle centers now under development, Legacy Place in Dedham, and Westwood Station in Westwood, along with the planned expansion of the Natick, North and Sough Shore malls will bring even more retail growth to the area in the next few years.
Retailers in that category, the report notes, expanded by 452,200-sf in the past year, more than any other retail classification, primarily due to new entries in the retail market such as Steve & Barrys and the creation of four new TJ Maxx and two new AJ Wright stores. Furniture stores, many of which are facing consolidation, got a boost to second place with the opening of a 346,000-sf IKEA store in Stoughton and the expansion of Jordan's Furniture in Avon.
The Federated-May Co. merger, which put about 1.6 million sf of vacant space on the market, had perhaps the most dramatic impact on the region's retail community, however, the study found. All that vacancy, which is now almost absorbed, led to the expansion of Macy's and Bloomingdales and the future opening of Nordstrom at three mall locations.
Takeovers and growth also dominated the retail scene during the study period. Advanced Auto Parts takeover of 19 Lappen's Discount Auto Parts stores and the 21-store growth of coffee chain Dunkin Donuts topped the Bay State list for expansions, the study found.
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