Harvard Square retail debate lands on the front page of the Globe (2 Responses)
I hate to look a gift horse in the mouth (a front page story in the 12/22 Boston Globe), but I had hoped for a bit more nuance from the Globe in their reporting on the economic forces that are shaping the future of Harvard Square and disrupting small business districts in cities everywhere. The reporter attended the Economic Development and University Relations Committee public hearing I chaired on December 13, a two-hour meeting that brought together some of the major property owners and key city staff to discuss the current situation. (Watch video of the hearing.) The longtime commercial broker quoted in the article states that the retail rents are too high to support, yet the spin of the story is that the loss of Harvard Square’s bohemian soul is the same old story, and there is no one to blame — “it’s just economics.” Ho hum, business as usual. Including “Not if some neighbors get their way” in the headline casts as NIMBYs those who express concern that soaring rents and property values are further eroding the social, historic, entrepreneurial and cultural fabric of Harvard Square. This may not be the first time these concerns have been voiced — 20 years ago the threatened demolition of the Read Block and the loss of the Tasty Diner prompted much of the same angst — but the stakes are rising to the point where future discussions may be a port-mortem after the bubble bursts. The article also fails to mention the collateral damage on the rest of the retail ecosystem that will result when the proposed demolition and construction of three buildings disrupt the Square’s most heavily trafficked intersection for two or more years.
Interestingly the Globe itself reported this week on the difficulties suburban malls are facing in luring shoppers to their stores in the face of the greater convenience of online shopping. Malls are having to dream up clever experiential promotions and “freebies” to entice people to drive there (and park for free). The Harvard Square story neglects to mention Equity One’s acquisition by Regency Centers to create a $12-15 billion portfolio of some 430 shopping centers whose profits are at risk from Amazon and other online retailers. This Florida-based powerhouse now commands the Square’s iconic “Curious George” retail corner, but will it steward or “harvest” its new prize? These are some very deep pockets that could afford to invest in preserving, even reviving, what’s always been so special about the Square — the eclectic mix of destination and neighborhood-serving businesses that beckon to us from storefronts that have served generations of Cambridge residents, students and visitors. A commitment to investing in community preservation would yield long-term dividends and build goodwill and trust, but when you read this statement on the company’s website you have to wonder what we are in for:
“Here stood …”
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