Faneuil Hall, one of the top attractions in Boston, is facing an identity crisis. The rents that are being charged, up to 150 dollars a square foot, are forcing out the local business people that make the attraction authentic and are being replaced by national chains. This effect is creating a generic mall that was a distinctly New England destination.
From a real estate point of view, at what stage does the generic replacing the authentic make the location a must miss instead of a must visit? And at that stage, what will happen to the Faneuil Hall region? Will it crumble like Atlanta’s Underground, or will the rents come down as the chains bail, and the authentic New England businesses return. As the genericification (my new word) of America is occuring at breakneck pace, regional tourist attractions must work hard to remain authentic.
The rub in all this is that the local governments can step in and change this dynamic. However, the lure of high rents is making the politicians salivate. And as politicians tend to do, they will kill the golden goose.
Kelleher said the marketplace, which attracts about 20 million visitors per year, tries to attract local merchants, but needs the chains to succeed. Urban Outfitters and Dick’s Last Resort have taken over areas that have been vacant for long periods of time, he said.
Rents are also a barrier. Some retailers and food vendors pay up to $150 a square foot, said several tenants.
BRA executive director Harry Collings said the mounting concerns over the direction of Faneuil Hall Marketplace prompted the city to demand the meeting with General Growth.
“We’re concerned about retaining the character of Faneuil Marketplace,” Collings said. “At night, the area is becoming too much of a party place and that’s not the original intent.”
The area was slated for demolition until a group of residents sought to preserve it in the early 1970s.
Architect Ben Thompson and developer James Rouse got the support of then-Mayor Kevin White to revive the marketplace.
By 1983, the district had about 172 businesses, and more than 90 percent were local, according to the Faneuil Hall Merchants Association. Chains now make up 50 percent of the retailers, up from 5 percent in 1983. via WHDH-TV
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“As the genericification (my new word) of America is occuring at breakneck pace, regional tourist attractions must work hard to remain authentic.”
Wow what a great word!!
Maureen