The sudden closure of all Foxtrot Market stores last month has created a surge of real estate opportunities in Chicago, with retailers eager to occupy the newly available prime locations. Here is the listing for 3334 N. Southport Avenue.
Foxtrot, known for its upscale convenience stores, shocked the retail industry by shutting down its 33 locations nationwide, leaving perishables to spoil and employees scrambling for new jobs.
While the closures dealt a blow to Chicago’s already struggling retail market, where Foxtrot had 15 locations, it also freed up 51,000 square feet of prime real estate, according to Bisnow.
The vacated Chicago stores, averaging around 3,400 square feet each, are particularly attractive to prospective tenants due to their “solid locations” in densely populated neighborhoods, Stone Real Estate’s John Vance told the outlet.
Experts predict fierce competition among potential tenants to secure these coveted spaces, with food and beverage retailers being prime candidates. The areas where the former Foxtrot stores are located have low retail vacancy rates, potentially allowing landlords to increase rents amid high demand. The diversity of submarkets might lead to varied uses for the spaces, The Real Deal reported.
“Every ownership group is going to have a different motivation driver as it relates to the decision they make on who the ultimate user is that fills that space,” CBRE’s Danny Jacobson said.
Foxtrot’s closure not only signifies the end of a promising venture but also reveals underlying financial difficulties.
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