Feb
24

Another Major Retailer Moving Into the Loop

February 24, 2011

Last week we wrote about a new Target store leasing space in a historic piece of Chicago real estate, so it seems only fair to let you know that one of its main competitors is moving right near it.

Wal-Mart Stores, Inc. has announced plans to open a store in the Presidential Towers apartment complex in the West Loop.

Presidential Towers

Chicago's Presidential Towers.

The world’s largest retailer actually filed its permit for development before Target unveiled its plans to occupy space in the historic Sullivan Center on State Street.

Target’s store will be called CityTarget and will be smaller than an average Target store.

Walmart’s concept is similar, will focus more on groceries and is being described as a “Neighborhood Market.”

Walmart has built almost 200 urban Neighborhood Market stores around the country. This would be the first in Illinois.

The company will spend $1 million to redevelop 26,491 square feet of space on the ground floor of the apartment building at 555 W. Madison St., Chicago. The size of an average Walmart store is 108,000 square feet.

The new digs will create more than 75 jobs.

Right now, there is only one Walmart store in Chicago, at North and Kilpatrick Avenues on the city’s West Side. Two other locations are scheduled to open next year; one in the Pullman Park development and another in the Chatham neighborhood.

These two new stores — Walmart Neighborhood Market and CityTarget — will be located less than one mile apart.

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