Lilies & Spikes Kids and Teens Hair Salon & Spa is open in its beautiful new location at 717 South Blvd., in the first floor of the recently completed mixed-use building. This is the latest in a number of businesses that have opened in the vibrant Hemingway Business District over the past year. Congratulations to Lilies & Spikes! More information on what this newly-relocated business has to offer is available on its website or by calling 708.613.4723.

Long-time Village Planner Craig Failor AICP, LEED AP has been appointed the Village’s Development Services Director. “We are thrilled to elevate Craig to this important leadership position within our organization,” said Village Manager Kevin J. Jackson. Craig, an Oak Park resident, has more than 22 years of experience serving the Village. He will oversee the Development Services Department that manages business services, planning, parking, building permits, historic preservation and zoning. Read more about his appointment at www.oak-park.us/failor.

During 2024 there were 786,806 daily parking sessions recorded at the Village’s Holley Court, The Avenue and Lake & Forest public parking garages. The combined number of daily parking sessions represents a decrease of 32,152 sessions as compared to 2023. One bright spot is the use of the Holley Court and Lake and Forest garages was up during the holiday shopping season when compared to the same period in 2023. 

The Village collected more than $1.4 million in revenue from daily parking sessions at these three garages in 2024. The total represents more than a 10% increase of $133,276 compared to 2023 and marks the highest-ever revenue realized from the three public garages. This increase in revenue comes despite the lower daily parking sessions. These diverging trends can be partly explained by the parking garage rate adjustment that went into effect in January 2023 to help with the costs of operating and improving garage infrastructure.

The largest revenue increase occurred at the Holley Court garage, which realized 17% growth. This was followed by daily parking revenue collections growing by 5% at The Avenue garage and 3% at the Lake & Forest garage.

The Village has issued 100+ new business licenses in each of the past four years, totaling a full 441 new businesses since January 2021. Unfortunately, businesses do close as sometimes ownership retires or a business looks to relocate to larger spaces in an area that better meets its needs. During 2024, the Village had 80 businesses that did not renew their business licenses, having closed at some point in the year. Click here for a list of the type of businesses – and corresponding number of that business type – that closed in 2024. Leading the list was the closure of 19 businesses in the hair and nail category. Approximately 14 of these hair and nail businesses that closed were at one specific address in Oak Park, a shared suites operation on Marion Street. The other largest category of closures came from the medical, dental and mental health category, where 10 businesses did not renew their business license. Overall, the Village is committed to assisting new businesses that want to relocate or open in Oak Park, and Village staff continues to offer assistance to any business already here, as business retention is an important priority.

The Village Board approved a B-1 liquor license for Seoul Ave., the new restaurant that will be opening in the former Papaspiros space at 728 Lake St. in the Hemingway Business District. The new restaurant will have an extensive Korean-focused menu. Owner Minha Sung has a degree from the Culinary Institute of America’s New York Campus, owned a former restaurant on the North Shore and has worked in numerous restaurants and hotels in the Chicagoland area. Mr. Sung has indicated that both lunch and dinner will be served at Seoul Ave.

We’re excited to share this Q&A with Susie Goldschmidt, Oak Park and River Forest Market President for Byline Bank. Susie is the quintessential definition of a local business advocate and has extensive business banking experience. Byline Bank is located in the DTOP Business District at 1001 Lake St.

You have built a very positive reputation in Oak Park through your dedication and support of local businesses and non-profits. How important is your involvement in the community to Byline Bank? (SG): Byline Bank supports the communities it serves in many ways. We engage with not-for-profits through volunteering, sponsorships and grants. Customers are not just a number to us. We pride ourselves in building long lasting relationships with our customers. Customers are welcome to reach out to us at any time to address any questions or concerns they may have.

You have been in the banking profession for over 50 years, 39 in the Oak Park River Forest area.  Based on your experience, what changes or innovations do you see occurring in the near future that will allow banks like Byline to better serve their business customers? (SG): Technology is ever changing. I would look towards even quicker and easier ways to send and receive money. I also expect to see more avenues for fraud prevention. Even though much of that exercise is reliant on everyone being diligent, banks are always looking for ways to help make your account safer. I also see more connections to outside bank fiscal products like Quickbooks, for example. The future is headed in that direction.

Issues involving financial fraud are always a concern, especially for small retail businesses dealing with things like counterfeit bills, etc. What advice can you offer Oak Park businesses to protect themselves from these challenges? (SG): Positive pay!  ACH and check positive pay. I would highly recommend reducing the amount of checks you write and using bill pay if you can send ACH. Don't take any risks on work computers. Additionally, if a supplier or vendor calls to change their billing information make sure to verify that call. Always call the number back and verify, do not take anything for granted.

What are the two most important financially focused pieces of advice you would give to a new or expanding Oak Park business? (SG): Sales for the sake of sales are not worthwhile. Make sure those sales are profitable and worth it. Do not tackle the “gigantic order” unless the margins are appropriate and you don’t need significant capital outlay to satisfy that order. Stay above your skis and take calculated risks for growth. Additionally, know your financials. Know what changes you can make to adjust profitability and pivot accordingly. Gross margins are the radio dials of your business. You can’t change fixed overhead on a dime, so know what you can fix quickly.