Some of the storefronts that line the heart of one of Maine's iconic shopping districts are emptying.
In the past few months, a number of shops have moved out of Portland's Old Port to less expensive locations, or have shut down completely.
The recession, coupled with comparatively high rents, has led to the flight of many stores, say retail market watchers. The Old Port's market, once red-hot, has cooled considerably in the past two years, since the days when merchants vied for space along the district's most popular tourist routes.
The trend mirrors what is happening in many other such locations nationally, such as Boston's Newbury Street.
"We are seeing this migration of tenants," said Matthew Cardente of Cardente Real Estate, a Portland commercial real estate company.
Store closings along the busiest street in the Old Port – Exchange – highlight what has happened in recent months.
Edith & Edna's, a craft gallery at 51 Exchange St., and Simply Chic women's clothing shop at 28 Exchange St. announced late last fall that they would be closing for good after Christmas. (Continued on PDF)