The developer Federal Realty Investment Trust is looking to energise its properties with new retail blood.
The company behind notable town centre projects such as Assembly Row outside of Boston and Santana Row in San Jose is working on offering free pop-up spaces at its East Coast properties.
Federal opened 62 new pop-up shops across its portfolio in the first quarter and is ramping up the effort in East Coast properties by offering two months free rent to mom-and-pop shops, online sellers and start-up businesses.
“The most exciting merchants often start with a pop-up to test a location, gain immediate customer feedback, and validate their concept,” said Mike Kelleher, VP of Ancillary Income at Federal. “At the same time, as America emerges from the pandemic, we have a valuable commodity that we can contribute towards the rebirth of commerce to support these new businesses.”
Founded in 1962, Federal Realty is one of the oldest REITs in the United States. It owns 101 properties encompassing 23 million square feet in major metros in 11 states and Washington, D.C.
