Back Bay Marshalls Closure Could Be Catalyst To Wayfair’s Neighborhood Expansion
When one discount door closes, a clicks-to-bricks one opens.
The TJX Cos. revealed Monday it will close its Back Bay Marshalls at 500 Boylston St. in early June, but the space will not be empty for long. Boston-based online home goods retailer Wayfair plans to open its first brick-and-mortar showroom in the Marshalls space, the Boston Business Journal reports.
The retail move is expected to accompany a 400K SF office expansion spread across 500 Boylston and 222 Berkeley St. The connected towers are owned by Oxford Properties Group.
Wayfair and Oxford Properties did not divulge Back Bay plans, but TJX confirmed the Marshalls closing.
“We are always assessing and reviewing our real estate strategies, and our decision to close this store reflects that thinking,” a TJX Cos. spokesperson said in an email to the BBJ. “The Boston area has been the home for our headquarters for more than 40 years, and continues to be a very important market for us.”
Oxford Properties and JPMorgan Chase acquired the pair of Back Bay office towers in 2015 for $1.3B. Oxford renovated offices in the buildings after Houghton Mifflin Harcourt left its 180K SF offices at 222 Berkeley St. for a 162K SF space at 125 High St. in downtown Boston. DraftKings announced in early 2018 it is moving its headquarters from downtown to a 105K SF office at 500 Boylston St.