‘Main Street has had a renaissance’
Westport sees a retail resurgence following pandemic closures
For any mall, 30 new leases in the span of a year adds up to major momentum, particularly in instances in which new tenants are filling vacancies rather than replacing established retailers moving elsewhere.
For a town like Westport which saw an extended run of vacancies on Main Street, the new burst of activity is welcome — and tied directly to the town being at in the vanguard of Connecticut towns to put out the welcome mat for families escaping New York City at the earliest stages of the COVID-19 pandemic.
While some of those homes in Westport and other towns were purchased as weekend getaways, a large number went to people who gave up their city quarters for more space in Connecticut.
New shopping and entertainment options now pepper the town’s retail streets, most prominently Sundance, which opened in May as the first Connecticut location for the store hatched by Robert Redford, in the town where his “Butch Cassidy and the Sundance Kid” co-star Paul Newman created his Newman’s Own food company and philanthropy.
Others are lining up as well, including American Eagle Outfitters, which has reserved space next door after closing a location at the Stamford Town Center after the 2020 holidays.
“Westport is really an outdoor mall if you think about it ... and tenants that did not want to be in the mall wanted to be on the street,” said Fred Posniak, senior vice president of New York City-based Empire State Realty Trust, which owns the Sundance
and American Eagle storefronts. “Westport is a tremendous residential town along with Greenwich, so we enjoyed a spike despite the challenge of the pandemic environment.”
Just up the street, furniture and decor retailer OKA is taking over a storefront vacated by Banana Republic. Stowed is moving a showroom to Bedford Square from Post Road East. And Barnes & Noble relocated its existing Westport store from
Post Road East to opposite Bedford Square , where Restoration Hardware closed shop.
“Main Street — much like most of the suburban areas as a result of COVID — has had a renaissance,” said David Waldman, president of David Adam Realty in Westport, who co-developed Bedford Square. “It brought new families, new blood, new activity.”
That number includes Manna Toast, a
cafe created by Waldman’s sister Stacy Bass in partnership with his spouse Yvette. Waldman recalls initial doubt when the pandemic hit, but says the partners were committed to the venture. With Church Lane fronting the store converted into a walking plaza during the pandemic, there are plenty of passersby stopping for a bite.
“Closing Church Lane has really created a European-like environment there,” Waldman said. “There’s live music there on weekends, and our restaurants have really benefited from that. Our restaurant scene has just exploded.”
Walden said the new arrivals are benefiting from rents far below hisStreet, toric highs, after a prolonged run of higher vacancy rates on Main Street compounded by the retail closures of March 2020.
Some investors are nevertheless willing to pay top dollar on Main Street. Last February, a modest building sold for nearly $3.3 million, the structure dating back to 1900. A brokerage listing described it as situated at “the 50 yard line of one of the most successful retail streets in America.” The other appeal? A lease to fitness company Peloton which moved in three years ago.
The Westport Downtown Merchants Association lists more than 30 new arrivals today in the L-shaped retail district formed by Main Street and Post Road East. The large majority are independent shops like Local-to-Market at the upper end of the shopping district on Main selling food made by Connecticut vendors.
Posniak notes that with some retailers having closed shop, space is still plentiful these days in Connecticut. But it’s getting tighter in Westport, and he expects other towns to see increasing activity as well, as people rediscover dining out and shopping after staying holed up through successive waves of COVID-19.
“Sundance looked at hundreds and hundreds of locations,” Posniak said. “I’ve been to a couple of their stores, but this one really took it to another level. It’s very homey, very ‘mom-and-pop-ish.’”