THE NORTHEAST Retail finds density + opportunity in
SRS and Northeastern energy
For nearly 40 years, SRS has recognized the power of retail, providing tenant, owner, and investment services throughout the U.S. In the Northeast, we see robust retail at its finest - New England, Boston, New York, Philadelphia, and Washington, D.C. flourishing from high population density, affluence, and economic diversity. These areas account for millions of residents and a steady stream of tourism, creating boundless retail opportunities.
Strong purchasing power
Historical & cultural attractions
Iconic destinations like Boston’s Freedom Trail and New York’s Times Square contribute to year-round tourism, bolstering retail activity and providing a steady stream of potential customers.
With higher-than-average household incomes, consumers in the Northeast have significant purchasing power, making it an attractive market for diverse retail options, from luxury to everyday goods.
84% of the Northeast lives in urban areas
making it the most densely populated U.S. region, ideal for concentrated retail activity
$5.3 trillion economic output
annually contributed to the U.S. GDP, 20% of the national economy
4 of top 10 busiest U.S. airports
(including JFK, Newark, and Boston Logan), facilitate domestic and international retail activity
Educational hubs drive innovation
The Northeast is home to prestigious universities and colleges, supporting a constant influx of students and a highly skilled workforce, which fosters retail innovation and brings in younger consumers.
Diversified economic base
NYC is a global financial center and is also strong in media and technology. Washington, D.C. serves as a political and government hub with public administration, consulting, and defense-related businesses. Boston leads in higher education, healthcare, and technology, while Philadelphia dominates in healthcare, life sciences, and manufacturing.
NEW ENGLAND
. economic resilience meets historical charm
Stability and growth for New England; retailers benefit from affluent, loyal consumers and densely populated cities
New England’s blend of historical charm and economic resilience makes it an ideal location for retail investment. The region’s densely populated areas offer a dynamic consumer base with strong purchasing power, while smaller cities and towns present opportunities for boutique and experiential retail. Retailers in New England benefit from a unique mix of urban vibrancy and small-town charm, creating an appealing landscape that attracts both tourists and residents alike.
The region’s focus on sustainability and community-centered development also makes it attractive for forwardthinking retailers. New Englanders value locally sourced goods, artisanal offerings, and eco-friendly practices, pushing the retail market toward unique, experience-driven spaces. With an array of vibrant shopping districts, mixed-use developments, and historical main streets, New England is well-positioned to offer retailers opportunities that balance modern convenience with traditional charm, appealing to both local customers and visiting tourists.
High incomes
New England has some of the highest average household incomes in the U.S., with MA leading at $104K+
Impactful tourism Low vacancy
This area attracts 60M+ tourists annually, generating billions in revenue
Retail vacancy rates in urban centers are consistently below the national average
Source: CoStar Retail Markets
Demographics
New England
Partial client & project representation lists
Tenant Services (throughout New England, Upstate NY and Boston)
Owner Services
Merchants Way Concord, NH
TJ Maxx Plaza
Manchester, NH
The Ridge: Phase II Rochester, NH
Bath Shopping Center Bath, ME
Raising Cane’s Fall River, MA
Bank of America Old Saybrook, CT O’Reilly Strip Center Pittsfield, MA
BOSTON thrives on retail
Boston’s dynamic economy and cultural vibrancy make it one of the top cities in the U.S. for retail commercial real estate activity. With its combination of historic charm and modern growth, Boston is home to a diverse and affluent population that drives demand for a wide range of retail options, from luxury brands to everyday essentials. The city’s iconic areas, like Back Bay, Seaport and Harvard Square, offer retailers prime, high-traffic locations that attract both residents and tourists looking for unique shopping experiences.
Boston’s high consumer spending, low vacancy rates, and steady foot traffic foster a dynamic, market primed for retail growth and investment.
As a major educational and innovation hub, Boston is home to numerous prestigious universities, including Harvard and MIT, which draw students and professionals from around the globe. Boston’s strong economy, driven by tourism, finance, healthcare, and technology, contributes to the area’s purchasing power and stability, providing retailers with a reliable customer base.
Boston’s commitment to mixed-use developments is also an advantage for retailers looking to appeal to modern consumer preferences. With new retail spaces integrated into residential and office developments, Boston creates accessible and attractive environments for consumers to shop, dine, and gather.
Top in the nation for an educated population
55.7% of residents 25+ hold a bachelor’s degree or higher #3 state for business environment named by U.S. News & World Report in 2024
$94K+ median household income in Boston
Boston, MA
Tenant Services (throughout Boston, New England, and Upstate NY)
Owner Services
Sunnyside Plaza Natick, MA
Barrington Plaza Great Barrington, MA
Randolph Village Randolph, MA
The Shoppes at Simonds Park Burlington, MA
Lincoln Plaza Worcester, MA
Capital Markets
CVS Lowell, MA
NEW YORK strong retail fundamentals
High population density, heavy tourism, and concentration of wealth strengthen New York’s retail environment.
2.4% real GDP growth in New York in 2024
19M+ NY state residents
New York City and Upstate New York offer unique advantages for retail commercial real estate investment, with NYC’s global appeal balanced by Upstate’s strong local communities and lower operating costs. New York City’s status as a global economic and cultural hub draws millions of residents and visitors each year, supporting robust demand across retail sectors, from luxury to everyday essentials. High foot traffic areas, such as Fifth Avenue, SoHo, and the Meatpacking District, are prime locations for retailers to gain visibility and attract both local and international shoppers.
Meanwhile, Upstate New York’s appeal lies in its strong community ties, scenic appeal, and steadily growing suburban and small-town retail markets. Cities like Buffalo, Rochester, and Albany are seeing economic growth and revitalization, creating opportunities for retailers to serve local communities in areas with comparatively lower costs. Upstate’s retail scene benefits from strong tourism, driven by destinations like the Adirondacks, Finger Lakes, and the Hudson Valley, which brings seasonal shopping demand and supports year-round commercial activity in downtown areas and mixed-use developments.
33% of the U.S. population is within a day’s reach of NYC
Both NYC and Upstate New York are investing in revitalizing their urban cores and supporting sustainable growth, making them ideal for retailers focused on experiential and community-centered spaces. Mixed-use developments, green initiatives, and infrastructure improvements across the state create environments where retailers can thrive in both bustling cities and picturesque towns. This diversity allows New York to attract a broad range of retailers and offer consumers a variety of shopping experiences, from exclusive NYC flagship stores to charming boutiques in Upstate towns.
Source: CoStar Retail Markets
Demographics
SRS RECENT ACTIVITY
New York
Tenant Services
Source: U.S. Bureau of Labor Statistics, U.S. Census Bureau, Esri
Owner Services
Partial client & project representation lists
4 MetroTech Center Brooklyn, NY
Freestanding Corner Building with Drive-Thru 1600 Hempstead Hwy | East Meadow, NY
Capital Markets
Sherwin Williams Newburgh, NY
UNDER CONTRACT CVS Hudson, NY
Walgreens Camilus, NY
PHILADELPHIA
prime for more growth
9th largest metro in the U.S.
15% increase in retailers since 2019 $100B+ in annual retail sales
27% of residents are millenials
Philadelphia’s thriving economy, cultural richness, and historic appeal make it an attractive location for retail commercial real estate. As one of the largest metropolitan areas on the East Coast, Philadelphia boasts a diverse population with strong consumer demand across various retail categories. High-traffic retail areas like Center City and Rittenhouse Square provide prime locations for retailers to reach both residents and tourists, capitalizing on the city’s year-round activities and events.
Philadelphia tourism (attracts over 46 million visitors annually), combined with a steadily growing local population, creates a consistent customer base that retailers can depend on. Additionally, the city’s abundant universities, including the University of Pennsylvania and Temple University, contribute to a young, educated, and active consumer demographic, supporting demand for trendforward retail.
11K+ residents per square mile coupled with high spending position Philly to see exponential growth across luxury, big-box, and experiential sectors.
Recent investments in infrastructure and mixed-use developments have further strengthened Philadelphia’s retail market. Areas such as the revitalized Market East and the Fashion District Philadelphia provide modern, multi-purpose retail spaces that appeal to today’s convenience-driven shoppers. These developments, coupled with Philadelphia’s relative affordability, offer a compelling environment for retailers seeking stable growth and long-term customer engagement.
Tenant Services in Philadelphia, PA
Capital Markets in Pennsylvania
WASHINGTON, D.C.
retail expansion ahead
Washington, D.C., the nation’s capital and a major international hub, presents unparalleled retail opportunities. The city’s affluent, diverse population and consistent influx of tourists make it a prime location for various retail formats, from high-end luxury stores in Georgetown to convenient and experiential shopping in mixed-use areas like CityCenterDC. The city’s unique blend of residents, professionals, and visitors creates an ideal environment for retailers looking to establish flagship stores or reach a broad audience.
An affluent population, steady tourism, and robust transit infrastructure have created retail growth in Washington, D.C.
D.C. benefits from a robust local economy driven by government, technology, and educational sectors, contributing to high consumer spending and economic stability. The area’s dense population of young professionals and university students fuels demand for forward-thinking and sustainable retail options.
As a leader in urban sustainability and community-focused planning, Washington, D.C. has invested heavily in its retail infrastructure, making it one of the East Coast’s most appealing retail markets. Neighborhoods like the Wharf and Navy Yard offer immersive retail experiences that cater to D.C.’s residents and its millions of annual visitors. With pedestrian-friendly areas, green spaces, and public transportation, D.C. provides the accessibility and experiential environment that modern consumers expect.
Employment hub
D.C. is home to 2.7M jobs, including high-paying federal and private sector roles
Active daytime Tourists spend
Daytime population swells by 80%, with over 400K daily commuters driving weekday retail
27M tourists came to D.C. in 2024 with $11.4B in visitor spending
Washington, D.C.
Tenant Services
Owner Services Capital Markets
ON THE MARKET
Central Armature Works Washington, D.C.
1350 Eye Street NW Washington, D.C.
Clemson Corner Frederick, MD
Linthicum Landing Linthicum Heights, MD
COMING SOON
525 8th Street SE Washington, D.C.
District Center Washington, D.C.
Casa de Montecristo Washington, D.C.
Chase Bank Washington, D.C.
7-Eleven Alexandria, VA
Mattress Firm & Smoothie King Forestville, MD
Retail and Industrial Go Hand-in-Hand
• Today, retailers need a myriad of industrial facilities to serve their rising e-commerce distribution needs.
• Retail owners and landlords are finding it increasingly important to embrace non-traditional retail tenants to remain relevant.
• Net lease investors are finding industrial a lucrative option to diversify their asset portfolio.
We’re always looking for top talent at SRS. Reach out to any member of our leadership team for more information on joining SRS Real Estate Partners.
Veteran Experience in the Northeast
LEADERSHIP
Andrew Fallon
EVP & Managing Principal
703.787.4733 | andrew.fallon@srsre.com
CAPITAL MARKETS Washington, D.C.
Britt Raymond SVP & Managing Principal
929.229.2614 | britt.raymond@srsre.com
CAPITAL MARKETS New York
Kyle Fant SVP & Managing Principal 929.229.2613 | kyle.fant@srsre.com CAPITAL MARKETS New York
Arris Noble Managing Principal
202.738.0406 | arris.noble@srsre.com RETAIL Washington, D.C.
Jonathan Lapat
SVP & Managing Principal 978.579.4112 | jonathan.lapat@srsre.com
RETAIL Boston, New England
Jon Spadafino
Vice President & Market Leader
212.710.5257 | jon.spadafino@srsre.com
RETAIL New York
Hugh Kelly
EVP & Principal
212.710.5252
hugh.kelly@srsre.com
RETAIL New York
David Wirth
Senior Vice President 484.883.7537
david.wirth@srsre.com
RETAIL Philadelphia
Hayley Mustin
hayley.mustin@srsre.com
CAPITAL MARKETS New York
Dan Richman Managing Director 212.710.5253 dan.richman@srsre.com
RETAIL New York
Rachel Callender Vice President 818.512.5192
rachel.callender@srsre.com
RETAIL Washington, D.C.
Bryan Wright Vice President 617.245.0671
bryan.wright@srsre.com
RETAIL Boston
Donlon
rick.fernandez@srsre.com
Rich
richard.dorfman@srsre.com
Jordan Yarosh Vice President 332.238.0025
jordan.yarosh@srsre.com
CAPITAL MARKETS New York
Samantha Mazza
samantha.mazza@srsre.com
RETAIL Boston
New York
CAPITAL MARKETS New York Adam Langer
Michael Grunberg
michael.grunberg@srsre.com
CAPITAL MARKETS New York
Brian
617.665.7395
brian.nadler@srsre.com
RETAIL Boston
chris.janelle@srsre.com RETAIL
Charlie Goldman Senior Associate 201.355.6786
charlie.goldman@srsre.com
CAPITAL MARKETS New York
