It happened early Friday morning in the Lincoln Park neighborhood. The two cab drivers were also injured.
The pedestrian, 20-year-old Sharon Kwon, was taken to Illinois Masonic Hospital where she was listed in "fair" condition Friday evening.
Surveillance video taken from inside the J & R liquor store shows the impact. Shortly after 1 a.m., a cab driver ran a red light at the intersection of Ashland and Fullerton, struck another cab, and that car hit Kwon, who was walking on the sidewalk along Ashland, just a quarter-block from her Lincoln Park apartment.
Kwon was caught in the metal security gate in front of the store's glass door and window. She can be seen trying to call out for help, and then collapsing. Crews finally freed her and rushed her to the hospital.
Kwon's roommates tell ABC7 her family in California has been notified.
Store owner Bob Patel said he'll have to stay closed for at least two more days. He said he is relieved that everyone is OK.
"I pray for her," Patel said. "I don't care when some business is lost, you know, some money, it's not important. Her life is important."
Police say the driver of the first cab was ticketed for driving too fast for conditions.
A cab passenger and one cab driver both suffered minor injuries.