'It's Sad To See': Real Estate Broker Says Retail Stores Hit Hardest By Pandemic
BOSTON (CBS) - Newbury Street, like other parts of Boston, is getting busy again. But, many businesses are still closed or gone. There are "For Lease" signs covering storefront windows all over the city.
Commercial real estate broker Eric Shabshelowitz says the pandemic is affecting the retail market a lot faster than it is impacting other commercial markets.
"It's sad to see. Every day, it seems like another business is closing," said Shabshelowitz.
Shabshelowitz is finding some landlords are being flexible to keep their tenants.
"We're seeing some concession given for the first year of the lease. So it's really, across the board, it's a matter of trying to be creative," said Shabshelowitz.
The Retailers Association of Massachusetts says many small businesses are now evolving to find their customers online, and that's impacting their physical stores.
"Maybe if you had two locations, maybe you decide that you only need one. And maybe, if you had 10,000 square feet, you decide you really only need 5,000 square feet, because you're going to have less consumers coming through that front door," said Jon Hurst, President Retailers Association of Massachusetts.
Hurst says people need to support small businesses to prevent more from closing.