| Fifteen of the 31 Chicagoland Borders bookstores are closing as part of its bankruptcy filing announced yesterday. Baum Realty's Allen Joffe says that will leave a lot of space for different junior anchors in Chicago and the 'burbs. |
| The locations closing are almost all multi-story spaces ranging from5,000 to 40k SF and including some big urban locations like North Avenue and Halsted and Diversey and Clark (pictured, the official Borders of Bisnow Chicago, quite a few issues have been written there). Allen says the spaces will create a lot of competition but will not likely be taken up by another bookstore. Furniture stores, clothiers, and sports stores may take over as new leases are signed. As retailers reorganize after the recession, retail development will be much smaller in the next year, with just 1.1M to 1.2M SF going up in in Chicago. |
Anchors Without Borders
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Allen Joffe, Baum Realty
