Originally Posted by Vlajos
I agree about the "Blues Museum", sounds like automatic fail.
Who goes to movies these days? I don't think that will last either.
A lot of folks. Movie theaters aren't going anywhere, at least not for a long time. Not a real growth industry by any means (total revenue pretty flat in recent years, in real terms), but for well-located, state-of-the-art theaters that offer a real experience, there's some pretty significant, sustainable demand. For commodity-type (or worse, outdated) cineplexes in areas with middling demographics, prospects are farily dim indeed.
I'm not sure if many people realize to what extent downtown Chicago (and the entire city for that matter) lack movie theaters relative to the underlying demand, and the city has been undersupplied for decades. It's a real shortage, and to my surprise it's only been addressed very gradually over the years. Greater downtown could definitely support another 4-5 movie theaters with an average of 12-15 screens each. Probably a similar number, or even a little more for the rest of the city.
The new (well now probably going on 3 years old) theater on Roosevelt in the South Loop quickly reached some of the highest productivity numbers of theaters nationwide. Think about this for a moment. Since it opened, it has sat at the very end (furthest from the road) of a shopping center that has otherwise been 100% vacant from that point. And yet it produces massive numbers. This speaks direclty to the peculiar and severe supply/demand mismatch of movie theater screens in Chicago.
And no, better home theater systems and greater movie availability in the home won't change this. It will be important, however, for the new theaters that are added downtown and throughout the city over the coming decade, to employ the very latest in technology (and for the industry to continue to push that envelope), and for that matter, for the existing theaters to periodically refit with newer technology.....