Business & Tech
Skokie Ranks 8th In Illinois For Retail Sales, A New High
Sales increased 16.6 percent from 2007 to 2012, according to data from real estate and retail analyst Melaniphy and Associates.
Judging from Skokie's retail sales growth in the past five years, one would hardly know there has been a recession.
Skokie saw its retail sales increase from $1.29 billion in 2007 to $1.44 billion in 2012, according to Melaniphy and Associates, a real estate and retail consultant. It has moved up to Number 8 in retail sales in Illinois, a new high for the village.
Those numbers signify a gain of $156 million in sales and, perhaps more importantly, a growth rate of 16.6 percent.
That percentage growth was the highest of any municipality in Illinois, according to Tom Thompson, the village's economic development coordinator.
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He was also thrilled with the state's overall ranking.
"While Skokie ... has consistently ranked in the top 10 in the state in recent years, this is the highest ranking we have enjoyed to my knowledge," said Thompson. "Skokie had been #10 in 2007, and #9 in 2008 thru 2011, but we have now moved up to #8."
The growth in Skokie's sales from 2011 to 2012 was also exciting, Thompson said. The village had the state's second largest volume of retail sales growth, after Chicago, in that time period.
"The primary reason for Skokie's growth can be attributed to the tremendous success of Westfield's Old Orchard Shopping Center," Thompson said.
"Overall sales at Old Orchard grew by 10% from 2011 to 2012, far exceeding the growth of all other major regional shopping centers in the Chicago metropolitan area. While Fox Valley Mall in Aurora and Woodfield Mall in Schaumburg are significantly larger, growth has been much more impressive at Old Orchard from both the single year perspective (2011 to 2012) as well as the five-year window (2007 to 2012)."
The spurt in sales from 2011 to 2012 also manifested in other ways. Skokie saw a 7.6 percent increase in apparel and accessory store sales, and a 6.7 percent increase in sales from eating and drinking establishments, Thompson said.
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