Chicago is unlike any other major market in the U.S. for retailers in that it has a highly concentrated central business district (the second largest in North America) and it has experienced extremely rapid growth in housing in the central area over recent years.
Michigan Avenue, especially the “Magnificent Mile” north of the Chicago River, remains the most popular retail block in the city. Tourists as well as locals frequent the area packed with shopping, dining, galleries, and entertainment establishments. Some of the area’s major retailers include Apple, Bloomingdales, Burberry, Tiffany & Co., Macy’s, Nordstrom, and Saks Fifth Avenue.
Other strong retail areas include the Oak Street Corridor, the Gold Coast, State Street, Lincoln Park, Bucktown, Fulton Market, and Southport corridor. The City of Chicago launched an aggressive marketing program in 2012 to boost the number of annual visitors from currently 40 million to 55 million by 2020. Based on the fact that there were over 51 million in 2014 it is evident Chicago is on track to hit that target.
STATE STREETState Street is a historic shopping strip in Chicago's Loop. Department store flagships and national chains in both the discount and upscale categories co-exist with office buildings, hotels, and several universities. Benefiting from its proximity to Millennium and Grant Parks, State Street has experienced a renaissance second to none.
GOLD COASTOak Street is one of Chicago's most prestigious shopping destinations. Located in the Gold Coast neighborhood, the retail portion runs between Michigan Avenue and Rush Street. In contrast to the Magnificent Mile's upscale chain stores and large department stores, Oak Street is known for its exquisite boutiques.
Lincoln ParkThe Clybourn Corridor in Lincoln Park has transformed from an industrial wasteland to the most vibrant shopping area north of Chicago's CBD. The epicenter of the Corridor is the intersection of Clybourn Avenue, North Avenue, & Halsted Street on the western edge of the affluent Lincoln Park neighborhood. Home to both big boxes and boutiques, the area thrives on its proximity to Chicago's best neighborhoods.
LakeviewLakeview's chief entertainment destination is the famous Wrigley Field, one of baseball's most historic and nostalgic ballparks. The area is a melting pot of successful professionals from all walks of life and preferences, and is known for its charming streetscapes, such as Southport, Halsted and Broadway, which are flanked by local boutiques, several national retailers, restaurants and bars.
The Southport Corridor in Lakeview has become an active shopping and entertainment destination. The Jewel grocery store, the anchor on the street, has been reborn and redeveloped into a much larger version of itself. The services, upscale shopping and restaurants are fueling the development and growth in this area.
MAGNIFICENT MILEThe Magnificent Mile is Chicago's largest shopping district, with more than 3.1 million square feet of occupied retail space and more than 22 million visitors annually. With a mixture of upscale department stores, restaurants, luxury retailers, residential and commercial buildings, financial services companies, and hotels, the Mag Mile caters to both locals and tourists.
Rush StreetRush Street is home to a high concentration of Chicago's landmark restaurants and bars, in addition to a number of upscale boutiques that appeal to local residents and tourists alike due to its consistent high energy and reputation as a top place to be. The street appeals to local residents and tourists alike due to its consistent high energy and reputation as a top place to be. As the western border to the aforementioned retail portion of Oak Street, Rush Street is home to a combination of swanky boutiques and national retailers.
Fulton MarketThe Fulton Market District is Chicago’s future now. From global HQ’s to the most acclaimed restaurants and hottest hotels, The Fulton Market District is the most complete trade area in Chicago. The Fulton Market continues to see an increase in rents, driven by the increase in companies choosing to open up offices there. Office locations bring daytime populations that retailers, especially restaurants, can capitalize on. While restaurants have been strong in the Fulton Market for a long time, soft goods are also starting to enter the market, a new trend in an area commonly known for its restaurants.
WICKER PARK AND BUCKTOWNBucktown is earning a reputation as the hippest, trendiest shopping and dining areas in Chicago. In comparison to other North neighborhoods like Lincoln Park and Lakeview, Bucktown continues to be a neighborhood known primarily for its local concepts and retailers and is adding interesting local and national tenants.
Although a seven day market, many of Bucktown/Wicker Park's increasingly affluent local residents commute to work downtown or elsewhere during the day. Evening traffic is certainly denser than daytime activity during the weekdays. Peak time for pedestrian traffic occurs during the weekends, when the neighborhoods are bustling from morning until late night - aided by breakfast restaurants and a plethora of bars and lounges.
|KEY AREAS / STREETS/SHOPPING CENTERS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000SQFT||RANGE OF UNIT SIZES|
|Magnificent Mile||Mass Market, Chicago’s busiest street, Tourists||Nordstrom, Bloomingdales, Neiman Marcus, Saks Fifth Avenue, American Girl, H&M, Crate & Barrel, Apple, Gap, Tommy Bahama||Under Armour, Uniqlo, True Religion, Muse Cosmetics, Dylan’s Candy||$450-$500 psf||All sizes|
|State Street||CBD employees, Tourists, Students||Macy’s, Old Navy, Sears, H&M, Marshall’s, Urban Outfitters||Target, Zara, Puma, Anthropologie, Saks Off Fifth, Walgreens, Zumiez||$150-$200 psf||All Sizes|
|Oak Street||Pure luxury||Hermes, Prada, Vera Wang, Escada, Harry Winston, Armani, Tory Burch, Vince, Dolce & Gabbana, Tom Ford||Carolina Herrera, Fig and Olive, Zadig & Voltaire, La Perla, Sandro & Maje||$325-$400||1,000-5,000|
|Rush Street||Local, hip, trendsetters||Urban Outfitters, Diesel, Barney’s, lululemon, Scoop, Ted Baker, Frye Co, Maxwell, Marmot||YSL, rag & bone, Dior, Versace, Vineyard Vines||$300-$400 psf||1,500 - 3,000|
|Wicker Park & Bucktown||Locals, Hipsters, Students, Artists||Marc Jacobs, Intermix, Bebe, BCBG, Lululemon, Urban Outfitters, Nike, Steven Allen||Marine Layer, Tom’s Shoes, Shinola, Timbunz, Bucketfeet, Frank & Oak, Stio, Umami Burger, XOCO||$70-$90 psf||1,000-3,000|
|Clybourn Corridor in Lincoln Park||Mass market, Locals, Young families||Crate & Barrel, Whole Foods, Best Buy, Pottery Barn, Gap, Banana Republic, Williams Sonoma, Nordstrom Rack||Eddie Bauer, DSW, Reach, Athleta, Dicks Sporting Goods, Mariano’s, Earl’s, Xfinity, Blu Dot||$50-$75 psf||All Sizes|
|Southport in Lakeview||Locals||Gap, Athleta, Anthropologie, Free People, Lululemon||Marine Layer, Tom's Shoes, Shinola, Timbunz,||$50-$70 psf||All Sizes|
|South Loop||Mass market, Locals, Students||Whole Foods, Target, Best Buy, Home Depot, Bed Bath & Beyond, DSW, PetSmart||Marshall’s, Dicks Sporting Goods, TJ Maxx, Pier1||$20 - $50 psf||All Sizes|
Data as of Q4 2015
While still considered a Mecca for pizza & hot dog lovers, Chicago has become one of the premier dining destinations in the world boasting renowned chefs and restaurants to suit every palate.
Situated in the heart of the Midwest, Chicago is a melting pot for numerous cultures where residents and tourists alike can experience cuisine from across the globe.
Chicago continues to see growth in exciting new steakhouse concepts. Recent openings by Prime and Provisions, and the announcement of Swift & Sons join establishments like Chicago Cut Steakhouse, Benny’s Chop House, Mastro’s Steakhouse, Michael Jordan’s Steakhouse, and Del Frisco’s Double Eagle Steakhouse in an exciting culinary marketplace.
Recent new openings by “headline” chefs have included Next by Grant Achatz of Alinea in Fulton Market; The Pump Room by Jean-George in the Gold Coast; Bar Toma by Tony Mantuano on Michigan Avenue; The Publican & Big Star by Paul Kahan; Siena Tavern, Public House, and Bull & Bear by Dineamic Group; Graham Elliot Bistro by Graham Elliot in the West Loop; Slurping Turtle by Takashi Yagihashi in River North; and Publican Quality Meats by Paul Kahan in Fulton Market.
New brands and concepts are entering the Fast Casual/Quick Service market including Protein Bar, Umami Burger, Shake Shack, XOCO (celebrity Chef Rick Bayless’s take on Mexican street cuisine,) Snap Kitchen, and Blaze Pizza among others.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATORS INCLUDING||RENT FOR 3,500 SQFT UNIT|
|River North||Mix of tourist-oriented restaurants/bars and upscale/food-forward restaurants.||Joe’s Stone, Crab, Mastro’s, Chicago Cut, Hub 51, Frontera Grill, GT Fish & Oyster, Paris Club, Giordano’s, Rosebud||$60-$100 psf|
|Gold Coast||Ultra high-end fashion district attracts locals and tourists alike. Numerous upscale eateries.||Gibson’s, Hugo’s Frog Bar, Tavern on Rush, The Pump Room, Carmine’s Ria, Table Fifty-Two||$150-$200 psf|
|Randolph Corridor||A pure food destination with a constantly growing restaurant list just west of the CBD.||Girl & the Goat, Sushi Wabi, De Cero, Nellcote, Avec, Blackbird, City Winery||$70-$90 psf|
|Fulton Market||A booming area with growing office space and high-end restaurants.||Next, The Aviary, Moto, The Publican, Au Cheval||$70-$100 psf|
|Wicker Park & Bucktown||Extremely trendy and increasingly affluent area.||Big Star, Hot Chocolate, Prasino, The Bristol, Belly Shack, Takashi||$50-$80 psf|
|Lincoln Park||Very dense with high-income residents and young professionals.||Alinea, Boka, Balena, Perennial Virant||$50-$75 psf|
|Logan Square||Gritty and edgy neighborhood, becoming younger and more hip.||Longman & Eagle, Revolution Brewing Co., Telegraph||$30-$40 psf|
Data as of Q4 2015