Chicago retail storefronts sit empty as the city, real estate brokers reimagine the industry – ABC7 (Chicago)

One real estate research group said the Mag Mile has more than a 19% vacancy rate, up from about 11% in 2019. The Loop now has a 26% vacancy rate, also up from an historic low of less than 10% in 2015.
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vb
4 years ago

Rename it “The Cabrini Kim Mile” as a tribute to the person most responsible for the vacant stores (looted multiple times and shoplifted to death).

The Paraclete
4 years ago

What was once described as a beyond glamorous shopping experience has become vacant store fronts, like an abandoned laundromat.

Dr Nemo
4 years ago

Suppose you are a retailer looking for a new outlet for valuable merchandise that might be fencible under the right circumstances. You would naturally like to tap into the high income Chicago market. As in many urban areas in the US now, prosecutorial discretion and reduced police activity have reduced the risk to pilferers of shoplifting in Chicago and Cook County. Downtown is convenient to the affluent urban shoppers living downtown as well as being at the center of the regional transportation system, but it’s also similarly convenient to organized shoplifters. So where in Chicagoland can you place a retail… Read more »

BB
4 years ago

This city has no plan!
Stop the crime wave 1st Lori!

GM
4 years ago

Of course no mention of *why* the vacancy rates are low… this is simply an ineptly – written “article”…

Riverbender
4 years ago

But, but but isn’t this a targeted area on Biden’s “Build back better” agenda?

debtsor
4 years ago

“They call it the Central City Recovery Roadmap to revitalize the greater downtown area.”

More communism and central planning, with a road map. Maybe they’ll call it Stalin’s..Lori’s 5 year plan?

Over even better, this roadmap can be a 14 year plan like communist China. That led them to such a great place, with over a 100,000,000 empty condos scattered around the countryside and an economy that is about to collapse.

The Paraclete
4 years ago

Yea OK, let’s get a big helping to reimagine to resurrect the city. Yea, we have plan? Let’s give Lori the finger. GLTF.

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