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CHICAGO Cushman & Wakefield Global Cities Retail Guide CHICAGO Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Chicago | 2019 0 Chicago is a top U.S. destination for retailers with a highly concentrated central business district (the second largest in North America) and reputation as a top tourist destination offering world renowned hospitality options, a thriving arts and theater scene and various shopping districts all set amid an iconic skyline boasting unique architecture. Michigan Avenue, the "Magnificent Mile" north of the Chicago River, remains the most popular retail corridor in the Midwest. Tourists and locals alike frequent the area which is packed with shopping, dining, galleries, and entertainment. Some of the area's major retailers include the flagship Apple Store, Bloomingdales, Nordstrom, Burberry, Tiffany & Co., Macy's, Saks Fifth Avenue and the largest Starbucks Roastery in the world at 50,000 square feet. Other strong retail areas include the Oak Street Corridor, the Gold Coast, State Street, Lincoln Park, Bucktown, CHICAGO Fulton Market, and Southport corridor. The City of Chicago’s aggressive marketing program has boosted OVERVIEW annual visitors to 58 million in 2018. Conde Nast Traveler voted Chicago the number one big city in the United States. Cushman & Wakefield | Chicago | 2019 1 CHICAGO KEY RETAIL STREETS & AREAS MAGNIFICENT MILE STATE STREET The Magnificent Mile is Chicago's largest shopping State Street is a historic shopping strip in Chicago's Loop. district, with more than 3.3 million square feet of occupied Department store flagships and national chains in both the retail space and more than 26 million visitors annually. discount and upscale categories co-exist with office With a mixture of upscale department stores, restaurants, buildings, hotels, and several universities. Benefiting from luxury retailers, residential and commercial buildings, its proximity to Millennium and Grant Parks, State Street financial services companies, and hotels, the Mag Mile has experienced a renaissance second to none. caters to both locals and tourists. GOLD COAST FULTON MARKET DISTRICT One of Chicago's most prestigious luxury shopping The hottest market in Chicago is the Fulton Market District - districts, the Gold Coast consists of there major streets – the ultimate live-work-play destination. With over 6M square Rush Street, Oak Street, and Walton Street. The district feet of office space existing, underway or proposed, Fulton appeals to local residents and tourists alike due to its Market is now home to Google’s Midwest HQ, McDonalds consistent high energy and reputation as a top place to HQ, WPP HQ, Vital Proteins HQ and more. Popular streets be. Just to the Northwest of the Mag Mile, these streets like Randolph Street, Fulton Street and Green Street were nicely contrast to the Magnificent Mile's upscale chain once home to meat packing plants and wholesale produce stores and large department stores. Oak Street is known warehouses, and are now lined with with award-winning bars for its exquisite boutiques and very high end shopping and restaurants, high end hotels and shopping. This exciting including Harry Winston, Christian Louboutin, Dolce & market is already home to popular retail brands like Gabbana and Giorgio Armani. Walton Street is an Anthropologie, Free People, Lululemon, and Blue Mercury, emerging street with a diverse co-tenancy including as well as local favorites like Notre, Independence and Aritzia, Dior, Barbour, Sprinkles and Pink. Rush Street is Scratch Goods. home to a high concentration of upscale boutiques and Chicago's landmark restaurants, bars and hotels including the Waldorf Astoria, Gibsons Steak House, Hugo’s Frog Bar and Tavern on Rush. Cushman & Wakefield | Chicago | 2019 2 CHICAGO KEY RETAIL STREETS & AREAS LAKEVIEW WICKER PARK AND BUCKTOWN Lakeview’s chief entertainment destination is the famous Bucktown has earned a reputation as the hippest, Wrigley Field, one of baseball's most historic and trendiest shopping and dining areas in Chicago. In nostalgic ballparks. The area is a melting pot of successful comparison to other North neighborhoods like Lincoln professionals from all walks of life and preferences, and is Park and Lakeview, Bucktown continues to be a known for its charming streetscapes, such as Southport, neighborhood known primarily for its local concepts and Halsted and Broadway, which are flanked by local retailers and is adding interesting local and national boutiques, several national retailers, restaurants and bars. tenants. The Southport Corridor in Lakeview has become an active Although a seven day market, many of Bucktown/Wicker shopping and entertainment destination. The services, Park's increasingly affluent local residents commute to upscale shopping and restaurants are fueling the work downtown or elsewhere during the day. Evening development and growth in this area. traffic is certainly denser than daytime activity during the weekdays. Peak time for pedestrian traffic occurs during the weekends, when the neighborhoods are bustling from morning until late night - aided by breakfast restaurants and a plethora of bars and lounges. LINCOLN PARK Armitage Avenue & Halsted Street and the Clybourn Corridor are the three major retail corridors in Lincoln Park. Armitage Ave is at the forefront of clicks-to-bricks in Chicago and is highly coveted by digitally native retail brands. Current tenants include Warby Parker, Allbirds, Parachute, Outdoor Voices and Bonobos. The Clybourn Corridor in Lincoln Park has transformed from an industrial area to one of the most vibrant shopping areas north of Chicago's CBD. The epicenter of the Corridor is the intersection of Clybourn Avenue, North Avenue, & Halsted Street on the western edge of the affluent Lincoln Park neighborhood. Home to both big boxes and boutiques, the area thrives on its proximity to Chicago’s best neighborhoods. Cushman & Wakefield | Chicago | 2019 3 CHICAGO MARKET OVERVIEW KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT RANGE OF UNIT STREETS/SHOPPING PROFILE FOR UNIT OF 2,000 SIZES CENTERS SQFT Magnificent Mile Mass Market, Nordstrom, Bloomingdales, Neiman Roots, Starbucks Reserve, True $300 - $500 psf All sizes Chicago's busiest Marcus, Saks Fifth Avenue, Religion, MCM street, Tourists American Girl, H&M, Roots, Apple, Gap, Starbucks Reserve State Street CBD employees, Macy's, Old Navy, Sears, H&M, Target, Zara, Puma, $150 - $250 psf All Sizes Tourists, Students Marshall's, Urban Outfitters, Anthropologie, Saks Off Fifth, Walgreens, Zumiez Oak Street Pure luxury Hermes, Prada, Vera Wang, Escada, Chanel, Van Cleef & Arpels & Le $250 - $300 psf 1,000 - 5,000 Harry Winston, Armani, Carolina Colonial Herrera, Fig and Olive, Tory Burch, Vince, Tom Ford Rush Street Local, hip, Urban Outfitters, Aritzia, Barney's, Peter Millar, Dior, Versace & $200 - $400 psf 1,500 - 3,000 trendsetters Lululemon, Scoop, Ted Tesla Baker, Frye Co, Maxwell, Marmot Wicker Park & Bucktown Locals, Hipsters, Shinola, Marine Layer, Bebe, Northface, Eyeconic, Wayward, $70-$90 psf 1,000-3,000 Students, Artists Lululemon, Urban Outfitters, Levi’s, Yeti, Addidas Carhartt’s, Fjallraven Clybourn Corridor Mass market, Crate & Barrel, Whole Foods, Best DSW, Hay, Capital One Cafe, $60 - $85 psf All Sizes Locals, Young Buy, Pottery Barn, Gap, Lincoln Park, Reach, Athleta, Dicks Sporting families Banana Republic, Williams Sonoma, Goods Nordstrom Rack Southport in Lakeview Locals Gap, Athleta, Anthropologie, Free Marine Layer, Tom's Shoes, $60 - $90 psf 1,000 - 5,000 People, Lululemon, Kendra Scott Shinola, Timbunz, South Loop Mass market, Whole Foods, Target, Best Buy, Marshall's, Dicks Sporting $30 - $65 psf All Sizes Locals, Students Home Depot, Bed Bath & Beyond, Goods, TJ Maxx, Pier1 DSW, PetSmart Fulton Market Locals, Cultural Anthropologie, Urban Outfitters, Eyeconic, Billy Reid, $60 - $90 psf 1,000 - 10,000 Tourists, hip House of Vans, Casper, Eyeconic, Independance, LVMH trendsetters Blue Mercury, LuluLemon, Free People, Punch Bowl Social Cushman & Wakefield | Chicago | 2019 4 CHICAGO SHOPPING CENTERS Water Tower Place Oak Brook Center Chicago’s premier vertical mall, Water Tower Place Chicago’s largest outdoor center is also its second largest boasts over 700,000 square feet across eight levels of in total GLA at 2.0 million square feet. Oak Brook Center retail. Built in 1975, this mall is part of a mixed-use is a premier shopping center in the western suburbs of development including 88,000 square feet of office and Chicago where a near decade-long renovation and medical space,360 residential condo units, and a 435- revitalization has been underway. Anchored by Macy’s room Ritz Carlton. The property also features Broadway Nordstrom, and Neiman Marcus, this luxury-focused Playhouse, a 550-seat state-of-the-art live theater, as well center also features over 160 specialty shops and unique as the 8,000-square-foot Chicago Sports Museum. Water dining options, including The District Food Hall -- an Tower Place continues to dominate the urban retail scene elevated restaurant experience with 10 convenient and with tremendous performances by its anchor, Macy’s, and upscale eateries. the flagship American Girl store, plus over 100 small shop retailers. Woodfield Mall Located in the northwest suburbs of Chicago, Woodfield Mall is the largest retail center in the Chicago area with gross leasable area of more than 2.1 million square feet and a draw of nearly 27 million annual visitors. Anchored by Macy’s, Lord & Taylor, JC Penney and Sears, and complemented
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