DOWNERS GROVE, IL-Savers Inc., a for-profit thrift-store chain based in Bellevue, WA, has opened its first store in the Chicago area here, in a former Circuit City big box store at the corner of Interstate 88 and Highland Avenue. The move mirrors two current retail trends, the growth of thrift stores in a down economy and non-traditional tenants taking bankrupt big-box locations.
Aegon USA Realty Advisors recently sold the property here to Learsi & Co. for an undisclosed sum. Joe Parrott with CB Richard Ellis represented the seller, while Jim Sakanich represented the buyer. Prior to the sale, Savers signed a 10-year lease for the 31,000-square-foot building.
The tenant has a unique business plan, partnering with local non-profit groups by purchasing and reselling donated items. The non-profits collect and deliver donated goods to Savers, which then pays the organization a bulk rate for the items regardless of whether or not they ever make it to the sales floor. Reusable items are displayed for purchase in stores, while unsuitable items are shipped to developing countries and material wholesalers for recycling. Savers, which also operates as Value Village, was founded in 1954 has more than 250 stores in the United States and Canada.
Parrott tells GlobeSt.com that he’s seen a lot of new retailers like Savers enter the Chicago market this past year, though rents are still considerably lower than they used to be. Low rent is partly why non-traditional retailers, and even office tenants, have considered vacant big box stores as a new storefront option, according to many retail experts.
Savers executives reportedly have sought out the opportunity in former big box locations left by companies such as Circuit City, CompUSA and Linens ‘N Things in various states. Also, value buying is huge among consumers as pocketbooks are light. According to the National Association of Resale and Thrift Shops, the resale industry has seen about 7% growth per year in the number of new stores in the past two years.
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