Crain’s video highlights the demise of the Armitage Avenue retail corridor.
Posted by ChicagoismynewBlog! on April 7, 2010
The Armitage Avenue retail corridor, between Halsted and Racine, has become another casualty due to greedy real estate developers and real estate owners. With retail rents at an affordable rate, Armitage Avenue was able to attract droves of mom and pop businesses that appealed to, not only Chicagoans, but tourists from around the world. These boutique shops and low rents made Armitage Avenue one of the most sought after destinations to go shopping and to open up a store respectively.
But during the residential and retail boom years ago, the owners of the retail spaces were able to jack up rent to a level business owners couldn’t afford.Now that the economy has plummeted, businesses could no longer afford the sky-high rents and now Armitage Avenue is filled with vacant storefronts or banks.