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Chicago Panel On Retail

CHICAGO-Real estate experts discuss the status of Chicago's retail market at a Chicago Real Estate Council luncheon Wednesday.

By Dana Dubriwny | Updated on June 23, 2005

CHICAGO-The Chicago Real Estate Council hosted a luncheon Wednesday at Maggiano’s Little Italy at 111 West Grand Ave. to discuss the status of Chicago’s retail market. CB Richard Ellis’ Todd Caruso moderated the discussion, while Greg Kirsch of Baum Realty Group, Richard Tucker of Tucker Development, and Curt Bailey with Archon sat on the panel. More than 200 members of Chicago’s real estate community attended the event.

The discussion began with a review of the Chicago retail sector as a whole. All panelists agreed that little has changed throughout the past 12 months: Barriers to entry continue, land prices are high, and the tremendous amount of capital continues to put pressure on the market. “It’s a good market for national developers,” Kirsch said. “National tenants will pay more in rent, but if you’re local, you’re getting killed because you can’t afford the hefty rents.”

Tucker said that while national food chains continue to have an impact on the smaller grocers, Chicago’s top two grocery retailers, Dominick’s and Jewel, continue to drive the region. “Most other markets have a half dozen viable players,” Tucker said. “Local retailers do well here and I think that’s because national grocers, like Albertson’s for example, lose sight of who their customer is.”

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