4 Emerging Retail Corridors
A couple of weeks back we asked experts for their takes on four in-demand retail corridors. We also asked them what emerging retail corridors they would enter to get ahead of demand. Here are their picks.
1. Logan Square
Sperry Van Ness adviser Charles Gibbs says Logan Square is in real demand by young professionals moving to the area with money to spend. Charles believes some retailers will move north along Milwaukee Avenue to Logan Square as they find it hard to land storefront space in Wicker Park at the rents they’re seeking. The influx of TOD and residential development in the market is also attractive, so it makes sense to live and spend money in the same area.
NGKF executive managing director Greg Kirsch says Andersonville is a sleeper retail market. It has a nice mix of restaurants, high-end fashion, eclectic shops like the feminist-focused Women & Children First bookstore (pictured), brand-name retail chains like Starbuck’s and Potbelly, and residential density. Andersonville has also seen an influx of institutional capital. Newcastle is a major player in the market and manages a dozen properties along a two-block stretch of Clark Street.
3. South Loop
Golub SVP John Ferguson says the red hot South Loop is an emerging retail market thanks to the residential development that's reaching critical mass. The sheer number of apartment buildings in the South Loop’s pipeline will fuel a need for retail, which John predicts will be filled by brand-name chains instead of high-end shops.
4. Lincoln Square
Greg likes the potential of Lincoln Square as a retail corridor. It’s easily accessible via the Brown Line “L” and the newly reinstated Lincoln Avenue bus. The Old Town School of Folk Music is an anchor in the neighborhood, attracting visitors for music classes and concerts. Lincoln Avenue is already a vibrant mix of restaurants, local retail and older German-themed bars. And the neighborhood has the residential density needed to support good retailers.