Vaccinations, pent-up demand and a reopening economy are reasons for optimism among Chicagoland retailers.
As a result of the pandemic, retail activity across metro Chicago ground to a halt in 2020, though has since shown signs of recovery. Downtown Chicago retailers, historically reliant on tourists and office workers for business, were hit especially hard. Though with many employers continuing to implement return to office plans, consumer bases will increase and therefore drive retail activity. The most dramatic improvements were noted in retail pockets situated near vibrant neighborhoods and dynamic residential communities. While Chicago’s urban retail core and select urban neighborhoods struggled, the suburban market fared comparatively well, supported by nearby residents.
Learn more in the Chicago Retail Market Overview that also highlights:
- Chicago’s Retail Landscape
- Signs of Life in the Retail Sphere
- A Deep Dive into the City of Chicago, River North and Suburban Chicago
- Investment Sales