What's Happening?
Burlington and Planet Fitness have signed long-term leases at Joffco Square, an urban retail center in Chicago, totaling approximately 45,000 square feet. Burlington committed to a 10-year lease for 23,000 square feet, taking over the former Ashley Furniture
space and relocating from its previous location across the street. This new Burlington store is projected to open in the winter or spring of 2027. Planet Fitness secured a 12-year lease for 22,000 square feet in the former Joann Fabrics space, with plans to open in December. These transactions, facilitated by Nassimi Realty, have brought Joffco Square from 50 percent occupancy to fully leased. CBRE represented the landlord, while Metro Commercial Real Estate represented both Burlington and Planet Fitness.
Why It's Important?
This development signifies a strong resurgence in urban retail real estate, particularly in Chicago, as major national retailers like Burlington and Planet Fitness commit to long-term leases. The move by Burlington to a larger, newly fitted space indicates confidence in the brick-and-mortar retail model and a strategic effort to enhance customer experience. Planet Fitness's expansion further highlights the growing demand for accessible fitness options in urban environments. For Joffco Square, achieving full occupancy after being at 50 percent is a significant milestone, demonstrating successful revitalization and attracting substantial investment. This trend suggests a positive outlook for urban retail centers, potentially leading to increased foot traffic, local employment, and economic activity in the surrounding community.
What's Next?
Burlington's new store is anticipated to open in late 2026 or early 2027, while Planet Fitness plans to open its doors in December. These openings will bring new retail and fitness options to the Chicago community, likely increasing consumer traffic to Joffco Square. The full occupancy of the retail center could encourage further commercial development or investment in the immediate area. Both retailers will focus on establishing their new locations and integrating into the local market. The long-term nature of these leases suggests a stable presence for both businesses, contributing to the sustained economic vitality of the retail corridor.
Beyond the Headlines
The successful leasing of Joffco Square to major retailers like Burlington and Planet Fitness reflects a broader trend of urban retail adaptation and resilience. Despite the rise of e-commerce, physical retail spaces continue to be vital for certain sectors, particularly discount retail and fitness, which offer experiential or value-driven propositions. This revitalization of an urban retail center also speaks to the importance of community hubs and accessible services. The commitment of these companies to long-term leases indicates a strategic belief in the enduring value of physical locations for brand presence, customer engagement, and operational efficiency, challenging narratives of the decline of brick-and-mortar retail in urban areas.
