Chicago has one of the worst mall closures in the country.
That’s because malls have long been considered a safe place for shoppers, but a combination of factors, including high unemployment, a high cost of living and a weak economy has made shopping at a shopping center or mall more of a challenge.
For example, in the years between 2000 and 2011, Chicago’s population grew by only about 1%, according to a report by the Urban Institute.
Now, it is expected to grow by more than 20%.
“That means there’s less opportunity to go out there and shop,” said Andrew Miller, the senior associate at the Chicago Economic Institute, referring to the city’s booming economy.
The result is that many malls have been closing their doors.
“The idea is that they are closing because there’s not enough money coming in,” Miller said.
Chicago has a long history of losing malls, with many closing their stores in the early 2000s as part of a housing bubble.
Now that the bubble has burst, the city has been scrambling to save them and is seeking ways to revitalize them.
But some of the closures are more than a little odd.
The city is looking to redevelop its historic eastland Mall, which is a long-time tenant in the city, as part in a plan to build an entertainment district and a mixed-use district.
But a recent study from the American Institute of Architects and Design Associates estimated that, by 2030, there will be only about 20 retail spaces in the mall, making it a poor investment.
In a report published this month, the organization said that, while the mall’s capacity could grow by 20%, it would only provide the city with a short-term solution to its housing and infrastructure problems.
The mall has also seen a decline in business and retail visits, and the decline in visitors has caused an economic slowdown in the area.
So what’s the plan?
A new mall?
Miller said it may not be feasible to close all the malls in the Chicago area.
“You can’t make that much money and you can’t do all the things you need to do, which are to create a shopping experience, to attract people to shop,” he said.
Instead, the mall will be built at the edge of a shopping district, which may be more attractive to tourists, but will also lead to a loss of jobs in the neighborhood, Miller said, noting that the area has a population of roughly 100,000.
The new mall will also be a much bigger investment than the old one, Miller says.
But it may also be an option.
“It may be a good investment if you have the money to do it, but I’m not sure it’s a great investment if the city doesn’t have the funds to do the investment,” he told Engadgent.