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February 2006 Edition
It's cold out there...but it doesn't
stop Chicagoans from shopping
So what's it like shopping in single digit weather? "Apparently,
we love it," so says Dan Pollard, president of The Pollard
Group and a Chicago native who specializes in retail leasing.
When asked how Chicagoans fare in cold weather, with winds
whipping across Lake Michigan in the dead of winter and temperatures
in the low teens or worst...."well, many of our most
successful shopping centers and life style centers are open
air!" You've got to be kidding, we replied.
Kidding he is not, Chicago is a retail paradise...the cold-weather
equivalent of Waikiki where retailers and landlords are surviving
quite well, thank you. Two of the more successful shopping
centers - Westfield's 2.0 million sq. ft. Old Orchard center
and the General Growth's 1.8 million sq. ft. Oakbrook center
are both open air....and both are hugely successful...especially
in the holiday season when Chicago weather can be at its worst
according to Pollard. The always-popular Michigan Avenue,
Rush and Oak Street shopping areas have always been open-air
- and retail space is hard to come by, cold weather or not.
For us warm-weather folks in Newport Beach, CA, the concept
of shopping in minus-degree weather seems so far away, but
if you're in retail, you're in Chicago. Every major retailer
has been in this retail's paradise for decades and are looking
for new opportunities. Several retailers use the greater Chicago
market to test new retail concepts.
One of the hottest projects on the way is The Roosevelt Collection,
being developed by Centrum Properties. Lisa Balis, Senior
Vice President - Retail Development, for Centrum, described
The Roosevelt Collection as "....one of the most exciting
urban projects in the country." The Roosevelt Collection
is 1,000,000+ sq. ft. mixed-use development, located on Roosevelt
Road in the exploding South Loop neighborhood of Chicago.
The project consists of 425,000 sq. ft. of lifestyle retail
and approximately 600 studio, loft, one-bedroom and two-bedroom
condominium residences.
"The plan features a grand landscaped boulevard, flanked
on each side by nationally recognized retailers and luxurious
homes with dramatic views of Lake Michigan and the renowned
Chicago skyline," she said. "The boulevard culminates
in a vibrant pedestrian-friendly plaza, anchored by a state-of-the-art
multiplex theater and intimate restaurants, which steps down
to a grand staircase connecting the project to a brand new
public park, and Chicago's loop business district to the North.
The Roosevelt Collection will bring a dynamic new neighborhood
streetscape in the city of Chicago," according to Lisa.
"The Roosevelt Collection is a very unique development
for any large city,' she stated, "in that it is very
difficult to assemble the acreage needed to develop a project
of this size and magnitude which will include approximately
1,800 indoor parking spaces in the heart of a major urban
area. The South Loop neighborhood of downtown Chicago is the
fastest growing area in the city, and within a narrow trade
area around the project, there are 18,000 new residential
units for sale or under construction."
The Roosevelt Collection will be easily accessible to the
Downtown Chicago Central Business District where over 700,000
people work each day, as well as the METRA commuter railroad
line, all three subway and El lines, and the Roosevelt Road
bus line. The project is just a few blocks from Grant Park
and Chicago's Museum Campus, and just a mile from McCormick
Place, the nation's largest convention center.
With The Roosevelt Collection development, a newly opened
Target, and Home Depot, Whole Foods and other national retailers
currently under construction, the Roosevelt Road commercial
corridor is expected to rival Chicago's northside retail neighborhoods,
such as Lincoln Park, in the not-too-distant future!"
Dan mentioned that in addition to his firm working on The
Roosevelt Collection, the Pollard Group is leasing for Shoppes
of Burr Ridge, which is an open-air 225,000 sq. ft. lifestyle
center located in suburban Chicago, serving one of the more
affluent areas of the city.
Lisa noted that Chicago makes a highly desirable retail market
because it is both a sophisticated, fashion-forward city and
a "mid-western town at heart. Retailers who want fashion-savvy
customers who follow the latest trends, as well as those who
appeal to "middle america" or to a more racially
diverse customer mix can all find a market for there goods
here in Chicago. Further, our economy is very diverse and
has allowed the city to resist the economic downturns that
other areas of the country have experienced in the past decade
or two."
Yeah, but what about the weather? "Chicagoans are hardy
shoppers. We're used to cold weather, the wind. We've been
shopping outdoors forever," Dan insisted. Forever it
is!
The Eddy Company updates.
Ruby's Diner is looking for new restaurants in Hawaii, Southern
California, Las Vegas and ramping up for locations in Chicago,
Florida, Texas and portions of the East Coast. More to follow.
Nakajima USA/Sanrio is looking at new store locations across
the U.S. They want to open 125-150 new stores over the next
three-to-five years. Hamburger Hamlet retained The Eddy Company
to secure new locations in greater Los Angeles and Washington,
D.C. FOR 2006-07. Lids/Hat World and Journey's are planning
10 stores in Hawaii the next two years.. Benetton is seeking
to expand to locations in California, Las Vegas and Arizona.
Rosasen is an exciting new Italian, "golf" inspired
men's & women's concept store. Southern California where
opportunities are being explored. Matchbox, an exciting new
pizza bistro based in Washington, D.C. with a second unit
in Palm Springs, CA is preparing to open additional units
over the next three to five years on both coasts
The Eddy Company is one of America's leading specialty retail
leasing consultancies. For information, contact Bill Eddy
at our Newport Beach office - 949-640-7475. Please e-mail
us: bill@theeddycompany.com
or visit our web site -- www.theeddycompany.com.
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