Despite Economy, Woodgrove Festival Keeps Storefronts Occupied

Long-time residents remember when the movie theater in Woodgrove Festival Shopping Center wasn't called -- it was called GCC Cinema 6.

The building that houses , and ? That was Olson Rug.

Woodgrove Festival Shopping Center has seen plenty of businesses come and go since it opened in 1984.

Just in the past few years, took the spot of Bennigan’s. Hollywood Blvd. turned the vacant space left from Coldstone into its ticket lobby. recently replaced Jones of New York.

On Friday, Five Below will open in the spot formerly housed by , which moved to another vacant storefront earlier this year left by MC Sports.

Ever-changing, Woodgrove is one of the most successful shopping centers in DuPage County this year, currently boasting a 2.26 percent vacancy rate. That success is recent: the center had an 8.18 percent vacancy rate in May 2010.

To compare, the village-wide vacancy rate in 2011 is 5.61 percent, taking into account its 19 shopping centers. DuPage County has a vacancy rate of 10.4 percent.

Managed by Kimco Realty, Woodgrove Festival is home to 24 tenants and 145,000 square feet of space, according to the realty’s online property listing.

According to John DeWolfe of Kimco Realty, the shopping center benefits from its location at the intersection of 75th Street and Lemont Road.

It also has strong national co-tenancy. With , , and others, the center can continue to attract major brands.

Plus, the shopping center has tenants that cater to similar crowds.

“I think one of the key reasons the shopping center does so well is that the tenants support each other,” said Michael Mays, director of community development for the village. 

Because some of its retail sales tax goes to the village, Woodgrove's success positively affects Woodridge, Mays said.

“It’s a reflection of the strength of the community,” he said. “Both the village and Woodgrove are doing really well.”

The more revenue Woodgrove generates, the better for Woodridge.

“It helps the village in terms of keeping the tax burden lower on residents,” Mays said. “It provides the residents services and entertainment in the community.”

As the village and Woodgrove Festival face an uncertain economy, DeWolfe said the center must continue to improve and attract stores that can maintain the strong retail mix.

Mays said the village will help facilitate.

“The mayor and the Village Board are continuing to look for ways to work with the local businesses,” he said. “Through their success, there will be success overall for the community.”