What goes through the mind of a Canadian retailer when he decides to open not one, but half a dozen, golfing equipment megastores in the seemingly anemic Greater Boston retail arena?

Enter Stephen Bebis, president and CEO of Ontario-based Golf Town, which operates 52 box stores across Canada specializing in equipment meant for hitting the green. His chain will open locations in Watertown, Avon, Bellingham, Reading and Seekonk in March, with another opening in the fall in Northborough.

At first, this may seem to indicate a strong recovery in the local retail market, but recent store closures and bankruptcies point to a retail market rebound taking two steps back for each step forward. Just last month, Ultimate Electronics announced it had filed for bankruptcy and will shutter four Massachusetts stores. And the parent company of Borders books is in the final steps of preparing to file for Chapter 11 protection as well – a move that will include the shuttering of at least six Massachusetts locations, according to the company’s website, including one in downtown Boston.

Not to mention the stock market’s reaction recently after the government reported surprisingly weak retail sales numbers. The Commerce Department announced that retail sales rose for the seventh straight month in January, but the increase was the smallest since June. Sales rose 0.3 percent, just half of what economists had predicted.

‘A Tall Order’

But Bebis’ confidence – he readily cites his company’s own strong growth north of the border and exhaustive market research in New England – could have naysayers second-guessing their skepticism.

“We studied the U.S. market extensively … and it showed New England as one of the strongest golf markets in the [country],” Bebis said in an interview. “In 2010, it was the only market where golf rounds were up. The New England market has many golf courses and avid golfers. It also has a very strong economy.”

It didn’t hurt that he was able to secure “some fantastic leases” in vacant stores, as Bebis put it. The company’s flagship store in Watertown’s Arsenal Mall is a shuttered Linens ’n Things, and the other five stores will all be filling existing vacant space as well. All six have 10-year leases, Bebis said.

Still, it is a tough sell to convince Theodore Chryssicas, executive vice president of Colliers International Boston’s retail team, that the region needs six more golfing megastores, or that retail is truly picking up steam. Chryssicas said medium-sized box stores will “slowly eat their way back” into the market, and speculated that six identical, highly specialized megastores in any limited geographic area is overload.

Golf Town’s Avon location will be less than 10 miles from a Golfer’s Warehouse in Braintree, and the Canadian firm’s Reading location is less than 10 miles from Golf Galaxy in Burlington, Chryssicas said. Not to mention that many country clubs and public courses have their own pro shop, and ubiquitous, general sporting goods stores like Sports Authority carry at least some golfing equipment, too.

“Retail as a whole is definitely on its way to recovery, but it’s a bit spotty,” Chryssicas told Banker & Tradesman. “We can only support so many golfing stores. Opening up six is overdoing it. It’s a tall order for them to come and sustain themselves. They can’t all survive.”

Silver Lining

According to statistics from Colliers, the 7 percent vacancy rate for retail in Massachusetts looks markedly healthier than the nationwide rate of almost 11 percent. That is thanks at least in part to the absorption of 12 of the 16 formerly vacant Massachusetts Circuit City locations that have been leased, and the same for nine of the 11 local Linens ’n Things that were shuttered.

“The fact that anybody’s opening a new store these days in any area is a good thing,” said William Prendergast, a partner in Integrated Properties, which operates shopping plazas and retail stores in New England and beyond. “I think that’s a great sign.”

But, he added, “That’s clearly not something that people who don’t have much money would be spending money on.”

Prendergast said Golf Town’s success will hinge on its locations, especially if they are not too close to their competition. But two of their stores will be within 10 miles of a major competitor, and one opening in Bellingham’s Charles River Center is about a half hour’s drive from a Golfer’s Warehouse in Natick. Still, the strategy makes sense to some.

“From a retailer standpoint, it always makes sense to cluster stores – it leverages management and advertising dollars,” said Mark Roberts, senior vice president for leasing for WS Development, the developer of Charles River Center. Roberts said big-box operations in New England have remained relatively strong throughout the recession, with the exceptions of players like Circuit City and Linens. Now, companies like Whole Foods, Michaels, Wal-Mart and Christmas Tree Shops are all actively looking to open new locations.

“You certainly had some folks that landed on some tough times … which ended in a number of vacancies,” Roberts opined. “The most rapid absorption occurred in New England for retail.”