But some stores are doing what they can to stick around despite the influx of chain stores.
John Woodard, the pharmacist and owner of Sutton's Drug Store said he has seen many changes in the last 24 years, and while he is optimistic about downtown, he is not always pleased to see his neighbors move on.
"If they can't make it up here then they've got to get someone who can," he said. "But it's a shame to lose the flavor of local business."
Sutton's has been a part of Franklin Street since 1923, and Woodard has owned the store since 1977.
"We try to provide the services that most chains don't," he said. "You can't be here forever if all you want to do is make a ton of money."
But while some Franklin Street merchants say they are not bitter about the arrival of chain stores like the Gap or Starbucks Coffee, some residents said they do not like the outside businesses.
"National stores suck, and they're killing Chapel Hill," said Debbie Herz-Middler of Southern Village. "I was a freshman in '85, and it was a different place then. I like the Gap ... but I don't know if its place is right on Franklin Street."
But another Franklin Street shopper said he believed chain stores were a benefit to consumers.
"I guess there's something to be said for local business, and I'm all for it," said Stephen Swartz, a freshman business major. "But I'm not against big chains coming in here and giving me lower prices."