Throughout Chicagoland we have seen a number of suburbs undergo changes to their downtown areas, including Naperville's new retail developments, St. Charles' First Street Development, and many more. In last week's Daily Herald Business Ledger, the mayor of Mount Prospect discussed upcoming changes to their downtown.
Mayor Arlene Juracek told residents to expect the downtown vacancies to be filled with businesses providing services and "experiences," rather than mom and pop shops. She pointed to the growing trend of online shopping that would decrease the likelihood of area boutiques.
The mayor also discussed the new Randhurst Village commercial development and how the AMC theater and popular restaurants provide the success for this development.
Other examples of "experiences" guiding developments include the MB Financial Park in Rosemont which is comprised of a number of restaurants, bars, and entertainment venues such as iFLY skydiving, Zanies comedy club, and Movico.
Naperville also features an iFly indoor skydiving venue, located amongst popular restaurants such as The White Chocolate Grill, Cooper's Hawk Winery, and Maggiano's Litte Italy.
While we agree with Mayor Juracek that the trend for online shopping will only continue to increase, we also believe there is a market for mom and pop shops. For instance, downtown Geneva has thrived on unique boutiques for years. Downtown Glen Ellyn, Lemont, Wheaton, Oak Park, and Barrington also have their fair share of small shopping businesses. As commercial real estate professionals we can provide demographics, area tenants, traffic patterns, and information regarding surrounding commercial developments. These facts can help unique, small shops to make informed decisions and aid in the success of their business.
Let us know how we can help you!