The South Loop's Trader Joe's at the Northeast corner of Roosevelt and Wabash seems to be progressing quite quickly. As far as we can tell the parking garage is done and the inside of the building is gradually resembling the quirky decor of other Trader Joe's.We still haven't heard an official date of when the South Loop location is going open, but we wouldn't be surprised to see the doors open by the end of the quarter (maybe September?).
The retail scene in the neighborhood has seemingly been picking up speed over the past couple of months. This is presumably due to a lot of factors (improving economy, increase in residential population in the neighborhood, etc), but could any of this be attributed to the news about Trader Joe's coming to the Sloop?
Seems a little far fetched to associate all of this activity with this chain, but we ran across a post on a Chicago Real Estate blog talking about the new Trader Joe's in Lincoln Park and it's impact on nearby retail:
Not only was Trader Joe's packed on a Friday evening with customers, the popular grocery chain has had another impact: ALL the storefront retail space seems filled on this block by established retailers and services. It's been an impressive transformation with the anchor Trader Joe's leading the way!
Not saying that these are similar situations or that Trader Joe's is responsible for the recent uptick in retail openings in the Sloop, but just throwing it out there for debate.
Regardless, high profile "anchor tenants" are important for neighborhoods and hopefully this encourages other businesses to follow the lead of a proven retailer and open up shop in the Sloop!
(Image from The Chicago Real Estate Local)
21 comments:
I was at the one on Ontario (?) over the weekend, and asked for an ETA. The guy said they were moving quicker then he expected. He also said "Sounds like we are going to lose a lot of customers when that location opens!"
YOU BET!
If anything I'd say the recent boom is due to decreasing property values to the point where rent vs. revenues is finally tilting in the business's favour.
I was at the Diversey Trader Joe's on Saturday and was told they were shooting for a September opening for the Wabash location.
The underground parking is a significant investment in the site. That, along with the substantial build-out promises that they will be thre a long time (at least longer than Sam's).
does any one know the approximate cost of the Parking lot added?
Who cares. Trader Joes sucks!
Seriously, you guys need to stop comparing this neighborhood to Lincoln Park. TJ's did NOT cause Lincoln Park to suddenly become a hotbed of commercial outlets. More like the other way around. The Chicago Real Estate blog you refer to is misguided. Further, I would be willing to bet that the Lincoln Park TJ's does not have a flashing blue light CPD camera posted directly above its location (as ours does).
Lastly, I am quite certain that the #12 bus and the Green line don't both have stops across the street from the LP TJ's. Those of you who don't think that matters haven't been following the media lately.
Any one who hates Trader Joe's is a communist
I was at another location last week and one of the workers said they are planning to open the doors of the South Loop store on September 6th.
As for being "misguided" about the Trader Joe's in Lincoln Park, the retail stretch from Halsted to Clark along Diversey (where I've worked and had my office for 10 years) has seen a rotating array of business open and close including Pier 1 Inmports, Domicile Furniture and smaller private retailers and sleepy restauraunts over the past 10 years and at the peak of the market. There would be various vacancies. The Trader Joe's investment was met with huge investment by new retailers and new restaurants at the SAME time, filling and improving the entire couple blocks of retail space in a 6 months. That was my point. I make no claim to get into macroeconomics or comparing neighborhoods, and I don't think the auhor here is either... it happens that in these locations, the large Trader Joe's investment spurred other investment at the same time.
Lincoln Park has plenty of Blue Lights and plenty of crime.. they have one school, South Loop has over 5 university's and HS, so to have one light is not a big deal..here is a good read while going to the bathroom.... http://publicsafety.depaul.edu/safety_alert/index.asp.
So Trader Joes is the antithesis of Communism?
1. Dont they only carry private brand goods along with a select group of other brands.
2. Dont they carry products for a limited time? One week the product is carried and the next its not.
3. How many different types of toilet paper do they carry? 2?
4. If I want different price points for toothpaste what is that range at trader joes?
5. What was Trader Joes annual profit last year?
Do you want to reassess your comment about communism because perhaps you need to look up the definition. We live in a Free Enterprise system. At Dominicks you can buy 30 different types of TP and 50 different toothpaste. That is capitalism. Best product for the best price, consumer chooses. When you step into Trader Joes they tell you what to buy and what to pay based on their limited product selection. Why dont we just get ride of all other stores and just have Trader Joes. That way we can all have the same frozen, premade, dehydrated crap that TJ offers.
Isn't TJ a private company? With that said how can you say it's Communism?
Your comment is absolutely hilarious...30 types of TP is the definition of free enterprise...absolutely awesome!
Anon 9:31 - The plural of "university" is "universities."
Anon 9:42 - You are so misinformed, it's ridiculous. You clearly have never been in a Trader Joe's. The only products that might be there one day and gone the next would be fresh, hard-to-find produce like black mission figs. Sure, they carry their own label but this includes products that are the generic version of more expensive brands like Cheerios, to use a cereal example. And they carry tons of inexpensive organic products which means Whole Foods should be getting nervous. Why don't you actually step foot in a Trader Joe's before trying to participate in this conversation?!
Anytime a business with the credentials of a Trader Joes enters the market of a specific area, it has a positive impact on all sides. Jobs, additional business development, and occuppied CRE are just some of the positives.
Overall, the south loop within the next 3-5 years should see significant development in mulit-residential rental construction. And this is a positive for everyone with long-term plans for this neighborhood. These future developments will bring additional income spending dwellers to the neighborhood, who, in the end might decide to purchase property in the neighborhood. Also, these developments will take empty parcels away which will bring down the available land for condo developments. Rental developments also provide more open retail options, such as dining and bars, then condo buildings.
The key for south loop is that the area has invested organizations such as Columbia College, Roosevelt Univerity, and East West University who still own significant amounts of land for future developments. Eventually, in the long-term, the amount of open land for development will decrease significantly.
As for current business, the addition for Lou Malnatis has been a success. Completely packed last night. Not bad for a hot Tuesday night. Business will see the vibrant community that is the south loop with the mix of hotel visitors and college students as significant revenue potential.
re: July 20, 2011 9:42 AM
way to spend an hour breaking down someone's sarcastic statement.
I think that communism statement was said tongue and cheek but bravo on that schizophrenic rant. I find it hysterical that the poster has such hatred to a grocery store and such an anger for limited tooth paste options. You have inspired me to develop an unhealthy hatred to florescent lights and peaches
I've got to say this has been the most hilarious exchange yet, intentional or not. Keep it up, brave anti-Commie crusader. I'm dying to hear whether Overflow fits ... after all it's a "low-profit" enterprise. Suspicious to me ..... commie or capitalist ??
Schizophrenic rant? Wow, harsh! Overflow Coffee Bar... only been there once...eh! Its a bit out of the way. But I would classify that as more of a Socialist Enterprise.
and note to the sarcasm impaired, many of whom seem to read this blog .... the last few posts are meant to sarcastic ....
Trader Joe's opens September 9th!
woohoo
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