Recently compiled data from last year shows that the Chicago retail industry might as well have been at a standstill in 2007. Overall, this sector saw profits increase by only 1.09 percent, to $106.9 billion, according to a recent industry report that utilized sales tax data from the Illinois Department of Revenue. This is drastically lower than the 6.5 percent growth rate experienced in 2006 and the smallest rise since 2003.

“You can see the recession starting to occur,” John Melaniphy, Melaniphy and Associates Inc. and publisher of the report said. “There’s still a lot of weakness in the market. I think its more serious than a lot of people realize.”

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