LOOP: Restaurant operators question when—or if—lunch crowds will return. PAGE 3
REAL ESTATE: A country house in more ways than one. PAGE 23
CHICAGOBUSINESS.COM | JANUARY 2, 2023 | $3.50
Inside the Starbucks Reserve Roastery on Michigan Avenue.
Warning signs are flashing for Chicago’s economy in 2023 Businesses worry that inflation and rising interest rates will trigger a recession. Demand is already slowing in some sectors. I BY CRAIN’S STAFF
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Chicago’s highest-paid athletes PAGE 12
Signals are blinking red in some sectors, with rising prices dampening sales at stores and restaurants and higher interest rates driving many buyers from the housing market. But orders are holding up for many manufacturers and packaged foods companies.
BEATA ZAWRZEL/NURPHOTO VIA GETTY IMAGES
RECESSION FEARS WEIGH HEAVILY on Chicago businesses contemplating their prospects in 2023. Big-picture economic data paint an increasingly glum outlook, with retail sales sagging, factory output slowing and economists predicting GDP will flatline nationally. Forecasts for Illinois are even gloomier, with Moody’s Analytics forecasting gross metropolitan product will dip 0.4%.
See OUTLOOK on Page 16
Northwestern’s new president has taken on a tough assignment Michael Schill has his work cut out for him as the Evanston-based institution steers its way through some unusually choppy waters BY BRANDON DUPRÉ As it steers toward a postpandemic future, Northwestern University faces a set of challenges that would be familiar to the president of any prestigious academic institution in the nation. But Northwestern’s new
chief, Michael Schill, has a few unique problems on his hands— and how well he deals with them will largely depend on his ability to navigate changes that could fundamentally alter the academic landscape. “One of the great things about Northwestern is it has increased
its stature tremendously in recent years,” said Schill, who comes to the role with seven years of experience as president of the University of Oregon and, before that, as dean of two top law schools—the University of See NORTHWESTERN on Page 20
NEWSPAPER l VOL. 46, NO. 1 l COPYRIGHT 2023 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
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GREG HINZ
JOE CAHILL
This year promises to be even wilder in politics. PAGE 2
10 stories that will set the tone for Chicago business in 2023. PAGE 3
12/22/22 12:14 PM