Untapped Market Potential in Albany Park/Mayfair

Published: April 30, 2009

LISC MetroEdge worked with the Lawrence Avenue Development Corporation (LADCOR) and LISC Chicago to conduct a Retail Scan in the Albany Park and Mayfair communities. By analyzing market data and conducting on-the ground assessments, LME provided LADCOR and other key institutions with a different perspective on their market which focused their actions on promoting the assets of Albany Park and each other. For example, LME documented that residents in Albany Park/Mayfair spend $300 million annually per square mile, placing it ahead of all but nine of Chicago’s 77 communities in terms of buying power. LISC MetroEdge identified business expansion opportunities and suggested that local businesses could be successfully marketed to a wider clientele.

To update the neighborhood’s image, the analysis suggested that LADCOR and its partners launch a marketing campaign promoting the neighborhood as a safe and attractive place to shop and dine. In addition, LME identified a significant opportunity for housing or commercial development on Chicago Transit Authority-owned property. Developing this property could further promote business expansion at a major transit node, and planning for the project has moved forward as a result of the LME work.