May 22, 2008 10:22 am US/Central
Garrett Popcorn To Close Mag Mile Store
Condo Development To Open In Building
CHICAGO (STNG) ―
Garrett Popcorn Shops is losing its cult-status flagship store at 670 N. Michigan Ave., but it's searching for a new home elsewhere on the Magnificent Mile.
The shop where tourists stand in long lines for popcorn treats must make way for a Ritz-Carlton condo building planned for 664 N. Michigan Ave. It will close May 31.
"We're in active discussions with a few landlords" elsewhere on Michigan Avenue, said Scott Schroeder, executive vice president and chief financial officer of Chicago-based Garrett Popcorn Shops.
The condo development will also force the closing of Hanig's Footwear at 660 N. Michigan Ave., but it has already opened another shoe store in the John Hancock Center.
Garrett, which runs five stores in Chicago and two in New York, is opening two new stores at O'Hare Airport this summer -- one in Concourse B and another in Terminal 3. It also will expand its New York presence this summer by opening a shop in the MSNBC.com Café at Rockefeller Center.
Garrett's founding family sold the chain to Chicago businessmen Lance Chody and James Sharpe about three years ago.
The new owners revamped the popcorn shop's Web site and got a big boost when Oprah Winfrey listed their popcorn as one of her favorite things. Since then, Garrett has enjoyed a 35 percent increase in online sales, Schroeder said.
(Source: Sun-Times News Group Wire © Chicago Sun-Times 2006. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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