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Chicago Retail Stays Strong Amid New Concepts
Chicago retail is holding steady in 2019’s second half, according to NKF’s fall report. And while there’s confidence in the strong performance continuing into 2020 despite economic uncertainty, developers aren’t taking anything for granted.
For example, the report notes, “the market is seeing a variety of creative reuses for large blocks of space. At Northbrook Court in the northern suburbs, a Macy’s store will be replaced with a grocery store, gym, food hall and 300 apartments.”
Meanwhile, on Chicago’s South Side, a 130,000-square-foot former Target was repurposed as a facility for Blue Cross and Blue Shield of Illinois. Downtown, the largest rooftop bar in the U.S. opened at Navy Pier.
“Experiential, clicks to bricks and fitness tenants will remain more dynamic,” writes NKF’s Amy Binstein. “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: A rendering of the Northbrook Court redevelopment.
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