boston-retail-real-estate-005

The picture above is of a vacant storefront located at 395-403 Washington Street in Downtown Crossing.

Here’s a brief history about this storefront:

The first two floors have been vacant since the Barnes & Noble lease ended in May 2006. Parade of Shoes was the last to occupy the basement until its lease ended as well.

The first two floors add up to 25,000 square feet, and the basement totals 11,500 square feet. The two spaces used to be connected by an internal staircase.

CommonWealth Holding has owned the space for 45 years. Before Barnes & Noble left, the space was only vacant for three months for at least 75 years.

Barnes & Noble leased the first two floors from 1976 to 2006. Before then, WT Grant occupied all three floors for retail from 1928 to 1976.

Amazing, for 75 years in row this retail space has almost always had a tenant. So why is it vacant now? Choose one (or more):

1. Because of the recession
2. Amazon made book stores less viable
3. Greedy landlord
4. Greedy developers for Filenes Basement that left a big hole in the ground across the street
5. Other

What are your thoughts?

Note: Post idea from the Boston Courant. Sorry, no link. But more on the Boston Courant can be found at Wikipedia.