From Main Street to mixed-use, Retail 1-2-3 provides Illinois communities with expert advice and case studies to determine how to get the type of retail development they want
(Chicago) … Strong local economies increasingly depend on thriving retail sectors, as global forces continue to reduce U.S. manufacturing and industrial jobs. Recognizing that retail development is vitally important to the future of communities in the Chicago metropolitan region, a consortium of planning, policy and retail experts have produced Retail 1-2-3 , a workbook on retail development for local officials and community leaders, which will be released at the International Council of Shopping Centers (ICSC) Illinois Alliance and Midwest Idea Exchange, on Tuesday, Feb. 6, 2007, at Navy Pier in Chicago.
Already, municipal officials and planners from metropolitan Chicago are praising the 91-page guide. “I wish I had this six years ago,” said Round Lake Mayor Bill Gentes. “Fast-growth towns need this desperately.”
The book provides a wealth of information on retail development – from the perspective of communities and retailers – in an easy-to-read format, featuring case studies, step-by-step guides, questions to consider, and lists of resources communities can consult for free and low-cost help with retail development. Chapters address how retail fits into an overall economic development strategy; types of retail development; recent trends in retail; how communities can improve their position in the market; types of incentives to attract retailers; and how to measure success.
Among the retail trends addressed in Retail 1-2-3 are:
- Ghost stores. Successful redevelopment efforts in the Chicago region have reduced the number of “ghost stores” – empty hulks that give the impression a community has fallen on hard times. Yet many local communities still struggle with how to recover when a large retailer closes its doors. Retail 1-2-3 provides a case study of Matteson, Ill., illustrating how physical and financial incentives, plus creative communications strategies can be the perfect recipe for redevelopment.
- Mixed-use retail development. According to a recent survey conducted for Retail Traffic magazine, “mixed-use is the dominant retail property type when it comes to both new development and redevelopment projects” – and the trend is on the rise. Retail 1-2-3 explains why mixed-use development – in which retail, residential, office, and/or transit-oriented uses are clustered – is so hot, and how communities can make it work for them.
- Local businesses vs. national chains. As communities across the region gentrify, their retail markets shift to suit changing consumer demand. Often, this means they must determine how to balance the needs of long-time local businesses with growing interest from national chains. Retail 1-2-3 addresses the trend with a case study of Andersonville, a Chicago neighborhood grappling with this dilemma.
Retail 1-2-3 is the third in a series of free workbooks designed to help Illinois communities achieve balanced growth. Retail 1-2-3 is a publication of the International Council of Shopping Centers and Metropolitan Planning Council in conjunction with the Campaign for Sensible Growth and Metropolitan Mayors Caucus. The following provided funding for the workbook: Bank of America, General Growth Properties, Inc., Target Corporation, Abbell Credit Corporation, Land Vision, Inc., Applied Real Estate Analysis (AREA), Inc., Camiros, Chicago Commercial Center Chicago Title Insurance Company, Goodman Williams Group, Inland Real Estate Corporation, James Kaplan Companies, LLC, S.B. Friedman & Company, S.F. Solutions, LLC, Valerie S. Kretchmer Associates, Inc., Walgreens, and The John D. and Catherine T. MacArthur Foundation.
WHAT:
Release of Retail 1-2-3 , a new workbook to help Illinois communities attract retail development that’s right for them.
WHEN:
The workbook will be released at the International Council of Shopping Centers (ICSC) Illinois Alliance and Midwest Idea Exchange on Tuesday, Feb. 6, 2007, at 12:45 p.m.
WHERE:
Navy Pier, Chicago
REGISTRATION: Those wishing to register for the ICSC Illinois Alliance and Midwest Idea Exchange should contact ICSC’s Member Services Department at 646.728.3800, or register online at www.icsc.org.
Members of the media are invited to attend the event at no charge. Reporters may request information about the Retail 1-2-3 workbook by contacting Mandy Burrell, Metropolitan Planning Council communications associate, at 312.863.6018 or mburrell@metroplanning.org; or Stephanie Spooner, communications director, International Council of Shopping Centers, at 202-626-1407 or sspooner@icsc.org .