Chicago Retail Storefronts Sit Empty As The City, Real Estate Brokers Reimagine The Industry
Oct 20, 2021
The vacancy rate was rising sharply across Chicago’s prized downtown district and surrounding neighborhoods before the pandemic, but climbed much faster once COVID-19 struck. It’s now more than 26% in Chicago’s loop and on the rise in the Michigan Avenue Corridor. “Many stores are gone,” said downtown shopper SanJay Patmaik. From downtown to the Loop, the Gold Coast and River North, the I-Team found dozens and dozens of for lease and space available signs. “A lot of shops are closed down, there’s empty places,” Patmaik said. Read more at ABC 7 Chicago.
Remember that “the industry” has been overbuilt many fold. There are too many stores, all national chains – – – that’s what’s collapsing, and it can’t happen fast enough. Wall Street overbuilt the retail industry. Real estate and apparel companies built a house of cards.
I sincerely hope that they are left holding the bag, ruined pariahs. They decimated the independent businesses. They deserve no safe harbor.
MEANWHILE, Chicago and EVERYWHERE ought to recognize the folly of THEIR ways, and strike fantastic deals with independents that might want to show the charlatans how retail is supposed to be. And save themselves from the catastrophe that I hope is looming. They can fix it if they want to.