October 24, 2018

ROCKVILLE TOWN SQUARE IS STRUGGLING, BUT WHY?

Why is Rockville Town Square struggling?

Rockville Town Square Struggling Restaurant Retail Space for lease DC

It’s location is conveniently located less than a quarter mile away from Rockville Metro station. It has ample parking and a robust mix of local retailers and restaurants. Even more, Montgomery County, the home of Rockville Town Square, is an affluent area with an encouraging 3.6 unemployment rate.

Yet 11 years after first opening, the $370 million project, comprised of a private-public partnership backed by the city of Rockville, Federal Realty Investment Trust and Montgomery County, is struggling.

Dawson’s Market is one of the many small business retailers that have recently closed it’s doors at Rockville Town Square. Over the past couple years about a dozen other business have also closed their doors.

Retail expert Bill Miller of MILLER WALKER Retail Real Estate was interviewed by the Washington Business Journal about his thoughts on why Rockville Town Square may be struggling.

‘Tenants may be more interested in opening at developments along Rockville Pike that provide more visibility than the town square’s tucked away location.’

“The competition is getting fiercer. The landlords are becoming more aggressive in winning the deal over the other guy,” Miller said. “Who’s not going on Rockville Pike in terms of retailers and restaurants?”

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