Even though tourists are coming back to Chicago, “For Rent” signs still cover many downtown storefronts and office workers remain scarce, which means fewer customers for Loop retailers.
Billy Cavada fits Michael Bonamarte for a jacket at Syd Jerome, a luxury men’s clothing shop in the Central Loop, on Wednesday, July 20.
“Three years ago, you had flourishing activity outside of our door with traffic and honking horns,” he said. “There is very little leasing velocity occurring in the Loop,” Vance said. “You can feel the energy on Michigan Avenue and State Street, on both sides of the river, but unfortunately, even though many do want to expand, the modest recovery that we’ve seen has not gone on long enough to help them make that decision.”According to a 2022 report by Stone Real Estate, one-third of the downtown’s 1,369 storefronts are vacant and the overall vacancy rate nearly doubled from three years ago.
Still, the retail market is past the worst of the crisis, and some businesses seem willing to take a chance on State Street, according to Edwards. British sporting goods outlet JD Sports signed a lease earlier this year to take over a space once occupied by Forever 21 at 10 S. State St., several outlets agreed to occupy spaces at Block 37, and by late summer discount retailer Five Below will occupy the store at 36 S. State St., taking over from Blick Art Materials, which will move to 16 W.
Many customers of Syd Jerome, now at 20 N. Clark St., still work from home, Shapiro said, especially lawyers who now handle routine court appearances and even trials via Zoom. That’s cut into sales, which declined 30% to 40% during several months this year, and up to 60% in the summer, usually a slow time for upscale men’s clothing.
Vance said new Loop retail could play a role in bringing workers back downtown, but landlords trying to fill the Loop’s empty storefronts may want to look west to Fulton Market for inspiration. Instead of a retail lineup of national retailers, the neighborhood just west of the Loop, now filling with new office and apartment developments, includes a mix of local and independent stores, especially on Madison Street between Halsted and Racine streets.
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