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Aldi Signs 15-year Lease at Clarovista

According to Crain’s Chicago, Aldi has already signed the lease for the “proposed” store at the Clarovista condo building….

Aldi replaces Staples in Edgewater project
By Samantha Sleevi, March 05, 2009

(Crain’s) — Discount grocer Aldi Inc. plans to open a store in a new condominium development in Edgewater after office supply retailer Staples Inc. backed out of the project.
A spokeswoman for Aldi, which is based in west suburban Batavia, says the Edgewater store is to open in May at Broadway Street and Granville Avenue and is one of six new Aldis scheduled to open in the Chicago area this year. Two more are in the city, in the Avondale and Auburn Gresham neighborhoods, and the others are in west suburban Harwood Heights, south suburban Orland Hills and far southwest suburban Plainfield.
The planned openings come at a time when few retailers are expanding due to the recession and a steep pullback in consumer spending. But grocery chains, particularly value-focused stores like Aldi, tend to fare better than other retailers in such markets, says Peter Graham, a vice-president with CB Richard Ellis Inc., who represented the Edgewater landlord.

Read the entire Crain’s article here.

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