Lyneir Richardson, Executive Director of the Center for Urban Entrepreneurship and Economic Development (CUEED) at the Rutgers Business School, has spent much of his career in urban economic development. His passion for community revitalization has led to a range of career opportunities. The most recent is Chicago TREND, a new urban retail initiative supported by the John D. and Catherine T. MacArthur Foundation and the Chicago Community Trust.
Chicago TREND is a centralized resource for real estate developers, retailers and community organizations seeking to understand neighborhood trajectories and invest in retail projects that can prompt desired change
Richardson, working with Robert Weissbourd, a Brookings Fellow and noted economic development thought leader, designed a program to catalyze strategic retail development in urban neighborhoods. They recently learned their program will receive foundation funding of $7 million placed into the Chicago Community Loan Fund which is serving as fiscal sponsor.
Richardson sees this as “a natural extension of the work being done every day at the Center for Urban Entrepreneurship and Economic Development,” according his recent statement on the awarding of the funds. Involvement in such an initiative places Richardson on the forefront of both entrepreneurship and community economic development.
Chicago TREND is “an example of publicly engaged scholarship” that will yield academic papers from research findings and offer social impact analysis done with Richardson’s initiative collaborators. This includes experts such as Econsult, Inc., RW Ventures, LLC, Nielsen that are “developing sophisticated predictive analytics to identify neighborhoods on the cusp of change, where the emerging consumer base can support new high-potential retail, and better retail can make a difference”.
Chicago TREND Steering Committee draws upon top senior executives and leaders representing retailers, developers, brokers, bankers, investors, trade associations, government and community development organizations. Strong partners include the International Council of Shopping Centers and Urban Land Institute and the City of Chicago.
A pilot phase inaugurated by Chicago TREND will identify deals and opportunities to bring into neighborhoods. They are taking a very inclusive approach to drive this initiative, seeking to draw in parties who have industry data and academic research, as well as those who are social impact investors.
Visit Chicago TREND on Facebook at @ChicagoTREND and follow on Twitter at @TheChiTREND
