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Chicago Retail Holds Steady; New Concepts Outperform
The Chicago retail market held steady during the first half of 2019, NKF reported. Leasing was strong in some areas while wavering in others.
“Continuing a long-term trend, food tenants were prominent thanks to expansion among existing restaurants and the debut of new dining concepts,” according to NKF’s report, prepared by research manager Amy Binstein. “Conversely, big-box retailers are still working through the process of rightsizing or shifting to locations with stronger demand.”
For the balance of the year, Binstein wrote, “many in Chicago have confidence that the regional economy and retail market will continue to perform well” despite political and economic uncertainty.
“Big-box stores and traditional retailers will underperform in some locations,” she wrote. “Experiential, clicks-to-bricks and fitness tenants will remain more dynamic. The footprint of retail tenants will also be smaller, as many will only carry limited inventory in stores and fill orders through online shopping.”
Pictured: Water Tower Place, Chicago.
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