The Boston Courant reported that Newbury Street has a new top landlord, which just closed on four more Newbury Street buildings, bringing its total holdings there to 26.
The company is UrbanMeritage, operating under a joint venture called the Newbury Line, with one of its partners being the Anglo Irish Bank.
I don’t know much about the Newbury Line, but according to the Boston Courant article, I don’t think they’re crazy about nail salons or real estate offices: “We have 30 nail salons. We don’t need another…they are like real estate brokerage offices in that they don’t generate interest from impulse shoppers.”
A representative from the Newbury Line stated in the Boston Courant article: “In the works are a range of potential changes, from higher rents for some properties to a shift in retailers that is likely to see more trendy European concepts and fewer nail salons.”
My thoughts: I agree with the direction that UrbanMeritage has for Newbury Street. I know I’ll get some angry emails. But let’s face it: we do have too many nail salons and real estate offices occupying retail spaces on the street, and to get away from the outdoor shopping mall look to a more European concept, I think is a good move not only for Newbury Street, but also for the city of Boston.
Sorry no links to the Boston Courant.
What are your thoughts?