PUBLISHED: 05-11-09

Scoop in the Loop

Keeping the Loop alive

As everyone knows very well by now, this year has been a rocky one in terms of the economy. I have to say that I’m actually glad I’m not graduating this year because I don’t envy friends of mine who are about to enter one of the worst job markets in history.

Chicago, like any other city, has been hit fairly hard by the economic crisis, too. Foreclosures and unemployment rates continue to rise, and there is just a general feeling of uncertainty in the air.

The South Loop was experiencing quite a boom before the crisis set in with high rises of luxury condos going up faster than you could say “subprime” and new restaurants and shops opening to cater to the expected influx of yuppies.

Now, tens of thousands of these condos sit unsold as developers continue to slash prices and new development has come to a halt. The effect on some of the higher-end restaurants and shops remains to be seen, but if I were an investor, I certainly wouldn’t put my money on them doing very well this year.

But one thing the Loop still has going for it? Students. Between Columbia, Roosevelt and DePaul alone, there are more than 60,000  college students populating the Loop every day during the academic year, according to LoopUChicago.com.

College students, for whatever reason, don’t seem to be hurting in quite the same way as other segments of the population, which is a good thing for businesses in the area. Maybe it’s because we are still optimistic or maybe we are just impulsive and like to spend money. Either way, I would bet that without the money college students are spending in the Loop right now, even more businesses would be struggling.

Take a walk down State Street these days and you’ll notice that even since the economy soured, there are still plenty of shops coming in, and most of them are geared toward the twentysomething crowd.

Stop in at Urban Outfitters, Forever 21, Ulta, H&M and Charlotte Russe and you’ll notice they all seem to be doing good business and are filled with young shoppers almost any day of the week.

Right on our campus, a few new eateries have even opened in recent months, like Dairy Queen and Chutney Joe’s, and they seem to be doing well so far, too.

I imagine even more developers and investors will take notice of the Loop’s student population and there will continue to be stores, student housing developments and low-priced restaurants coming in over the next couple of years.

Personally, I’d like to see more development along those lines rather than more over-priced condos and fancy restaurants. I’d also really like to see a movie theater in the South Loop or maybe some more venues for live music and other kinds of entertainment. That’s what’s still missing down here.

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