What is the value of ‘main street’? Framing and testing the arguments

•This paper defines and then quantitatively analyzes the American main street•The analysis is a quantified assessment of whether assumptions about the value of main street retail can be supported.•The paper presents a literature summary of the causes of main street decline.•A conceptual framework posits three main street qualities: density, diversity and stability.•Using proxy variables for each category, 7,000 blocks in the City of Chicago are analyzed.•The data provides support for the three qualities of main street retail.•The conclusion presents some policy options for sustaining main street retail.