“After a decade of vacancy ups and downs — including a pandemic that changed how people shop — Chicago’s neighborhood retail corridors are hitting their stride.
“A new analysis from Stone Real Estate found that the shopping strips on Damen, Armitage and Southport avenues are thriving, with low vacancy rates and a vibrant mix of tenants. Those three areas, considered Chicago’s primary boutique retail corridors, are often go-to spots for brands looking to set up shop in the city. Their fates could influence Chicago’s ability to attract retailers.
“Southport maintained its 0% vacancy rate between Addison and Roscoe streets between 2023 and 2024, according to the report. On Armitage between Sheffield Avenue and Halsted Street, the vacancy rate dropped to 4.3% from 6.4%. And on Damen, the vacancy rate between Willow Street and North Avenue plummeted to 12.9% from 23.9%.
“A healthy retail corridor has the right mix of shops, restaurants and coffee spots to keep customers engaged throughout the day. The goal? Make shoppers linger.
“The three streets that Stone analyzed appear to have found the right mix of tenants to achieve that objective, Winter said. They’re also located in neighborhoods that have seen household incomes rise over the past decade or so. Their proximity to public transit opens them up to shoppers from elsewhere in the city, too.” (Marotti, Crain’s Chicago Business, 3/11/25)
Preservation Chicago is the catalyst behind Chicago’s unprecedented surge in high-profile, transformational efforts to recognize, protect, and revitalize long-neglected historic assets into dynamic neighborhood anchors.
The stabilization and reactivation of historic community assets is a proven and powerful engine to anchor reinvestment and catalyze healthy, sustainable, equitable communities through job creation, heritage tourism, and community wealth building. Additionally, by uplifting culturally significant historic places, the successes and sacrifices of past generations can inspire a more just and equitable future.
Preservation Chicago is a highly effective nonprofit that leverages the power of historic preservation to create healthy, vibrant, diverse and sustainable communities.