Chicago Retail Figures Q1 2022

17 May 2022

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  • In River North/Gold Coast, Whole Foods opened a 66,000-SF store inside the new One Chicago high-rise at 3 W. Chicago Avenue
  • National Retail Federation anticipates strong job/wage growth and declining unemployment
  • According to the U.S. Census Bureau, grocery store sales increased 9.4% from $694.3 billion in 2019 to $759.7 billion in 2020
  • U.S. inflation reached a 40-year high, according to the Bureau of Labor Statistics
  • U.S. total retail sales (excluding auto) increased 8.4% year-over-year in 2022 and 18% compared to pre-pandemic spending (2019) according to Mastercard SpendingPulse
  • Key consumer spending trends in March included airline travel/growth up 44.8%, restaurants up 19.1% and lodging increasing 6.4%
  • No new retail bankruptcy filings took place from mid-September 2021 through mid-February 2022; this momentum is expected to continue in the first half of 2022