Chicago stores mull leaving city following riots, coronavirus lockdown
Chicago stores are struggling to reopen after the coronavirus lockdown, riot violence and looting have physically and economically destroyed businesses. FOX Business’ Grady Trimble with more.
Chicago will likely lose out on hundreds of millions of dollars after coronavirus caused the city to cancel large gatherings including the Lollapalooza music festival scheduled for later this summer, according to an estimate from the Anderson Economic Group released Tuesday.
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Lollapalooza's cancelation will cost Chicago businesses at least $35 million in sales and Chicago residents nearly $9 million in lost earnings, Anderson Economic Group analysts said.
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"Lollapalooza, the Taste of Chicago, the Air and Water Show, the Jazz Festival – these are all significant events that draw hundreds of thousands of attendees and inject millions of dollars into the local economy,” Andrew Miller, a senior analyst at Anderson Economic Group, said in a statement.