Written by Kevin McLoughlin, Principal
Despite the fact that there have been a number of recent retail store closures, and announced closures, there continues to be box activity in the Chicago Metro Market in both tenant expansions and closures. Some of the recent closures include Sports Authority, Macy’s, Kmart, Sears, Pier 1 Imports, the Office Supply Store category and Golfsmith.
The silver lining in this is that there are still new retailers entering the Chicago Metro Market and existing tenants are adding and repositioning their stores. These tenants span across multiple categories including discount department stores, apparel, grocery, arts and crafts, furniture, home furnishings, liquor, sporting goods, pet supply, theatre, dollar stores, shoe stores and entertainment.
The new spaces that become available from closings are opportunities for the active and expanding tenants. This will help the landlords of well-located spaces fill those vacancies and drive redevelopment of shopping centers. There will continue to be demand for new shopping center development and redevelopment in the city and urban areas. This, combined with the new vacancies, will help accommodate new box demand.
The decline of new centers in the suburbs will cause the expanding boxes to move into the box spaces that are being vacated and into centers that are being redeveloped. The Chicago Metro Market remains vibrant with expanding healthy box tenants.
Kevin R. McLoughlin | Principal
Mid-America Real Estate Corporation
One Parkview Plaza, 9th Floor | Oakbrook Terrace, IL 60181
Direct: 630.954.7341| Fax: 630.954.7304
firstname.lastname@example.org | www.midamericagrp.com