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This past week, another big-name retailer is leaving the Loop. Old Navy, on 150 North State Street in Chicago, announced it will be closing its 32,000-square-foot store at the corner of State and Randolph streets.The brand decided not to renew its lease that expires at the end of the year.
What Does the Pandemic Have to do with Old Navy?
A real estate company marketing Old Navy’s land, a new tenant would most likely pay a lower rent than the retail store due to the Loop’s weak state.
The aftermath of the pandemic caused the Loop shopping strip to lose more and more retailers. Making it harder to believe recovery for the Loop is in progress. Especially after Old Navy’s departure, following the loss of DSW, a shoe store company, last month.
During the pandemic, Disney, New York & Co., and Urban Outfitters closed retail outlets on State Street.
In the Central Loop — which includes State Street — the vacancy rate fell to 23.1% by the end of 2021, This is a three percent drop from 26.1% six months earlier. “Vacancies in the Loop hit a record 27.4 percent this year,” according to The Real Deal.
Written by Olivia Nwigwe
Edited by Sheena Robertson
Source
WINTRUST BUSINESS LUNCH: Wintrust Business Minute: Old Navy is closing its store on State Street; by Michael Piff
CRAIN’S Chicago Business: Old Navy deals another blow to State Street; by Alby Gallun
Spot On Illinois: Central Loop takes another hit as Old Navy say it’s leaving; by spotonillinois
The Real Deal: Central Loop takes another hit as Old Navy say it’s leaving; by Victoria Pruitt
Top and Featured Image Courtesy of Mike Kalasnik‘s Flickr page – Creative Commons license
Images Courtesy of incognito7nyc ✈️❤NewYorkCityofDreams✯♛‘s Flickr page – Creative Commons license