Search results
Sep 29, 2023 · Almost 1.7 million sq. ft. of retail space has been absorbed in Chicago in H1 2023. Retail availability sits at 6.8% as of Q2 2023, its lowest level since 2005. Availability has fallen by 50 basis points (bps) year-over-year. Since Q2 2020, availability has fallen 230 bps. This comes at a time when retail construction activity has been ...
Apr 24, 2024 · Projections for 2024 paint a nuanced picture of Chicago’s retail landscape. Employment is expected to continue its upward trajectory with local firms adding 30,000 new positions.
Reimagining Retail. The landscape of retail spaces is undergoing a profound transformation. These changes are driven by the meteoric rise of e-commerce and shifting consumer preferences. This metamorphosis is especially relevant in vibrant markets like Chicagoland. This is because commercial real estate is a dynamic and vital part of the economy.
Illinois' leisure and hospitality industry is still down about 1,000 workers from February 2020. Hiring trends in the retail industry will likely be similar, experts say. Restaurants are open ...
- Radically Accelerate In-Store Omnichannel Integration
- Reimagine Store Operations to Reflect The New Reality
- Optimize The Store Network Based on Omnichannel Performance
Unless stores offer consumers a compelling value proposition, store traffic—which was already thinning in pre-coronavirus times—will slow to a trickle. Consumers are now accustomed to staying home for weeks at a time and buying a wide range of products online. In the future, they won’t visit stores unless retailers give them good reason to. Retaile...
When stores reopen, retailers can’t expect a seamless return to pre-coronavirus store-operations norms. They will need to reset stores’ cost structures and prepare their workforce for the next normal.
Retailers had been rightsizing their store network even before the COVID-19 crisis—but the pandemic has heightened the urgency for them to have a clear vision of their future-state network. In our survey, 53 percent of respondents said they expect to close underperforming stores in the aftermath of COVID-19. Retailers should incorporate their futur...
Apr 9, 2021 · Video. The seemingly unstoppable rise of e-commerce, sophisticated customer analytics, personalized sounds and smells, digital mannequins that “know” your clothing preferences, automated home delivery—these are just some of the elements that will shape the shopping experience in the coming years. Listen as four McKinsey leaders share ...
People also ask
How can retailers cope with a shift from physical store to omnichannel?
What does McKinsey say about the future of retail?
How can retailers influence online sales in local zip codes?
How can stores improve customer experience in the next normal?
How can retailers improve Omnichannel Customer Experience?
How can retailers improve customer service?
Mar 21, 2024 · Reflecting a global trend, Chicago Loop retail vacancies hit a record 30%—most likely due to remote work—necessitating revival strategies. The Chicago Loop last year hit its highest retail vacancy rate on record – topping 30% for the first time. The figure, announced last month, has more than doubled since 2019, when it rested at 14.92%.
