Not surprisingly, talk of an economic recession makes American consumers nervous. As a result, many cities across the nation are seeing a decrease in retail sales. Fewer commercial properties are being purchased in hopes of creating new stores and jobs can be scarce in this industry, but those looking for Chicago sales jobs
don’t have to worry.
Despite cautious consumers, the Windy City is still attracting investors looking to open new retail space and this means more jobs for the area. As up June this year, Chicago
has made approximately $1.4 billion of the sale of retail property, based solely on single deals that brought in $5 million or more.
Although this figure is down significantly by 30 percent when compared to the first half of 2007, sales figures are drastically better in Chicago than anywhere else in the nation. According to a survey conducting by research firm Real Capital Analytics
has managed the highest retail deal volume during this period than any other major metropolitan market in the nation.
One of the deals that earned the city the most this year was sealed in January when California-based Macerich
and Alaska Permanent Fund Corp
. paid $515 million for the Shops at North Bridge. This multi-level mall, which contains high-end retailer Nordstrom
, is located on Michigan Avenue where a large portion of the city’s retail related commercial real estate deals take place.
According to Ed Coppola, who is the chief investment officer for Macerich, his company was attracted to the city due in part to the center’s sales per square foot of over $800 annually for its smaller tenants. This figure is more than double the average for a typical mall in the region. This causes many retailers to be attracted to the area, despite an unstable economy, which means that Chicago has more retail jobs open than many other cities.
Labels: Chicago Jobs