Despite its affluence, Chicago’s Lincoln Park neighborhood has seen its fair share of papered-over windows and for rent signs. But how exactly has the recession affected one of Chicago’s ritziest areas? myFox Chicago offers some answers. According to the report, Lincoln Park appears to be faring well, compared to other neighborhoods. Foreclosures are “few and far between” (though people are selling their condos at a loss) and tourists checking out the Steppenwolf, Lincoln Park Zoo and the area’s popular restuarants keeps money coming into the neighborhood. However, Children’s Mercy Hospital’s closure and planned expansion at DePaul may translate into economic devastation if care isn’t taken.
I’ll be on the ground this weekend talking to store owners in the area and see what their thoughts are on the state of small businesses in Lincoln Park. Until then, enjoy myFox Chicago’s slightly odd love letter to the LP, which you can watch in its entirety below:
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Many articles talk about the idea of a good or service being recession-proof, or immune to the fluctuating economy. Booze, chocolate, video games… consumers are still buying. But one industry proving to withstand the economic downturn may surprise you; according to a Chicago Sun-Times article, the pet industry has grown by $2.2 million to $45.5 million. One woman interviewed for the article said she spent $5,000 per month on her Chihuahua and cut back in other areas to make sure she could still afford the lifestyle her beloved pet had grown accustomed to. Chicago pets are in luck – there are plenty of area small businesses dedicated to keep a pooch posh during the recession. The Google Map below highlights just six of them. 